Agenda item

(Report by Mr Dance, Cabinet Member for Regeneration & Economic Development, Mr Cockburn, Corporate Director Business Strategy & Support)

(Mr P Wookey, Chief Executive, Locate in Kent and Mr D Hughes, Head of Business Engagement and Economic Development were present for this item)

1.               The Chairman invited Mr Wookey and Mr Hughes to introduce the report.  The points raised included:-

·       There had been evidence of new opportunities emerging in key overseas markets and the report puts forward proposals to seize those opportunities to put Kent in the forefront of investors’ minds when considering a UK or European location.

·       Kent was in a unique advantageous position in some of those key markets.  The UK was seen as a safe haven in terms of the European market for a place to invest. 

·       Locate in Kent was already talking to a number of USA companies, and companies located in northern Europe that were looking at coming to the UK which gave Kent some unique opportunities.   Kent Science Park and Discovery Park and others were unique assets.

·       Kent also had an advantage through Expansion East Kent and TIGER to offer support to those companies which was important when talking to UK Trade and Investment who had offices all over the world.  They would sell the UK first not Kent.  Kent had lost its overseas representation with the demise of SEEDA so Kent was now under represented in key overseas markets.

·       Unless Kent was in those key markets selling what it had to offer it would not see a return in foreign investment.  Locate in Kent was targeted by KCC to attract 28% of its project success from foreign direct investment. 

·       This was not a proposal to open offices all over the world.  It was proposed that this be carried out in a targeted way with direct lead generation identifying those companies that had projects with investment proposals.  It was also about contacting a large amount of people and companies within the market.

·       The proposal was to target those markets where Kent’s strengths play to its advantages. Kent’s unique selling points were cost, connectivity proximity to markets and quality of life aspect.

2.               The Chairman advised that this was not the first time this initiative had been discussed by Members of this Cabinet Committee as it was presented and discussed at the Budget Informal Member Group in November and met the approval of the Regeneration Board.

3.               Members were given the opportunity to make comments and ask questions which included the following:-

a)    In response to comments and questions, Mr Wookey gave assurances that this was a Kent wide initiative and not about one location.  There would be no offices opened overseas.  Locate in Kent would retain lead generating  services in the USA whose job it would be to ensure that Kent’s offer was put forward to those companies that had an investment requirement. There were fiscal measures that the American government had just introduced which gave the UK an advantage and there was encouragement to put our offer back to the companies in certain sectors such as medical devices.  He agreed that the Paramount proposals offer a lot of opportunities and discussions had been held with UKTI who saw this as a great opportunity.  Locate in Kent would retain a presence through part time representatives in the USA and in France.  Their job would be to start delivering and producing a pipeline of enquiries which Locate in Kent would develop and work on.  He was confident that the KPI’s detailed within the report could be achieved over a three year period.

b)    It was suggested that in the short time more effort should be concentrated in France.

c)     It was suggested that there needed to be serious investment in this programme if it was going to be effective.  Additional funding could be raised by redirecting funding from other less beneficial activities.

d)    In response to questions, Mr Dance gave his assurance that no Kent County Council Members would be travelling to the USA or Europe regarding this proposal.   This would be led by Locate in Kent officers. 

e)    In reply to a question, Mr Wookey advised that the potential to create 750 new jobs to Kent over the next three years was reached by looking at projects that were in the pipeline and whether representation could be put into the market.  This had been market tested with a number of companies that Locate in Kent would go out to tender.

f)      A request was made for the IBM report to be circulated to Members.

g)    Mr Prater disagreed with the recommendation and made a formal request that this be recorded in the Minutes.

4.               RESOLVED that the responses to comments and questions by Members and the proposals set out in the report be noted.