£30,000 drive to attract high tech American companies to Torbay
TORBAY is branching out into America in a bid to attract more high tech business and companies to the area.
The £30,000 will come from the Mayor of Torbay's inward investment destination marketing fund.
It will be headed by Torbay Development Agency and will commission a campaign in North America.
The plan is to attract advanced electronics and call centre businesses to relocate to Torbay and generate new jobs.
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Mayor of Torbay, Gordon Oliver, said: "This is a brave move for Torbay to branch out into the competitive US investment market. However, such is our confidence in the investment offer in Torbay that we are convinced that what is lacking is the move to raise awareness in foreign markets about our competitive costs, improved access and excellent quality of life.
"I am looking forward to driving our investment message to the US market and attracting interest from businesses in our key sectors of high tech industries and call centres."
Torbay can offer several advantages to companies, he said, including low costs of property and labour compared to other competing UK locations, particularly in the South West.
The Bay also has a highly skilled, available workforce particularly in the advanced electronics sector, high quality commercial premises and new property developments such as White Rock Business Park in Paignton, the Mayor pointed out.
The arrival of the Kingskerswell bypass would improve transport links.
The project will go out to tender and the successful company will be appointed for two years with the aim to attract five to 10 new investors.
The contract will have a break clause after nine months if no leads are generated.
The successful company should generate initial inquiries from businesses which are ready for investment.
The TDA and the company will work together on a specific proposal for an investment project, and organise a location visit by the potential investor.
The TDA will attend selected events to raise the profile of the area and engage with investors.
TDA investment development manager, Jason Buck, said: "Research consistently shows that competitive costs and access to qualified staff are the major factors which investors are looking for. Experts in the UK Trade and Industry Department point to the US as being the most likely market.
"With the backing from the Mayor and the council, the TDA is optimistic this new drive will reap rewards for Torbay."
The TDA has also developed Torbay Touchdown, a programme for inward investors which provide initial free-of -charge introductions to professional and business services, including discounted or rent-free holiday periods at the TDA's Innovation Centres' managed workspace.