New £8 Billion plan growth scheme for marine industry launched by Business Minister
A new strategy that could lead to £8 billion growth in the British marine and maritime industry was launched by Business Minister Mark Prisk the recent PSP Southampton Boat Show.
Drawing on the thinking of business, Government and academia, the Marine Industries Growth Strategy (MIGS) is the first ever integrated UK strategy for the marine industries and establishes a foundation for ambitious but sustainable long-term growth.
If properly implemented, this strategy could lead to a £25 billion marine industry by 2020.
Business Minister and Co-chair of the Marine Industries Leadership Council Mark Prisk said:
"Britain's marine industries are one of our best prospects for high value, high skilled economic growth. That's why we are launching the Marine Industries Growth Strategy to harness that potential and grow the industry by £8billion by 2020.
"By working together, like Lloyds Register and the university are doing here in Southampton, our marine industries can share knowledge, experience and opportunities. That way they will be able to create jobs, growth and a stronger more resilient supply chain.
"By harnessing the potential of the sector, and the research potential of our universities, we can build our strengths and capabilities to make sure that Britain's marine sector has a bright and successful future."
The strategy identifies several areas for growth including:
* Capitalising on export opportunities, particularly with growing economies like Brazil, Russia, India and China;
* Expanding the domestic offshore renewable energy industry;
* Building on partnerships with academia to continue to produce world leading research and investment; and
* Greater cooperation across the marine industries.
Lloyd's Register and the University of Southampton have already forged the largest university and business partnership of its kind in the UK, and are investing £116 million in creating a world leading Maritime Centre of Excellence in Southampton. The centre means that innovative engineering practices and cutting edge design are located in the same place, attracting new inward investment to the Solent maritime cluster.
The strategy has been developed by the recently created Marine Industries Leadership Council, which is inviting marine companies to show their support for the strategy by taking part in the "UK Marine Industries Alliance". The alliance is a new coherent identification to tie together the naval, commercial, leisure, renewable and other sub-sectors of the marine industries.
The strategy is available to download from the industry's new website, http://www.ukmarinealliance.com
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