Investment will ensure UK leads global aerospace industry
Summary: The UK and Welsh governments have joined forces with aircraft manufacturer Airbus to fund £100m into research, development and training which will ensure the UK continues to lead the world in the aerospace industry.
Around £64m of the £100m plus investment will support research and development through the Aerospace Technology Institute on a range of projects aimed at streamlining manufacturing processes and developing new technologies.
The R&D elements of these projects will be carried out with the Aerospace Technology Institute (ATI), a £2bn joint investment between industry and government aimed at developing the research and development activity necessary for the UK to win work on future aerospace programmes.
The announcement was made at the UK Investment Summit 2014 held in Wales recently.
It has been a record year for Welsh foreign direct investment in aerospace, R&D and cyber security, with 79 foreign direct investment projects being completed helping to boost the Welsh economy to £47bn according to latest figures.
Prime Minister David Cameron said:
“Aerospace is a real cornerstone of British business, supporting over 100,000 jobs across the UK and is worth over £27bn to our economy every year. With today’s investment we are backing our aerospace sector so that it continues to thrive, as key part of our long-term economic plan to back business, create jobs and secure a brighter future for Britain.”