Issue - meetings

To receive a verbal update from the Economic Development Officer regarding the joint Inward Investment Strategy.

The Economic Development Officer provided a verbal update regarding the joint Inward Investment Strategy. It was explained that the Inward Investment Strategy formed a part of a joint Economic Strategy being developed between Mid Devon, East Devon, Exeter and Teignbridge. A working draft of the document had been drawn up. The first workshop had been held in June where employment skills were discussed. Exeter University had been asked to comment on what they considered should be in the strategy. The intention was that the strategy would be aligned to other activities such as the Local Plan. Another two workshops were planned, the next one having an emphasis on planning. It was hoped that a final draft of the strategy would be brought before this Group at the end of the year.

Discussion took place regarding:

·         The need to be proactive and ascertain how to convert interest from investors into commitment.

·         The authorities involved were working a lot more collaboratively whilst at the same time not trying to undermine their unique local area status.

·         In twelve months there had been significant growth.

·         The need for trust between the authorities ensuring that the ‘right businesses’ go to the ‘right place’. Interested investors needed to be aware of all the options. It was not a race and authorities were not looking to undercut each other.

·         There was a commercial register which had previously been Exeter centric but was now broken down so interested businesses could do a detailed search. This was receiving hundreds of hits a month. It was true that Exeter got the bulk of foreign enquiries but that was to be expected, however, overall this represented a huge opportunity for Mid Devon as the Council was able to get enquiries where it hadn’t done so previously.

·         Higher level apprenticeship schemes were being considered. There was a need to work at ‘notching’ up aspirations.

·         Land availability was also of paramount importance as well as the ‘appropriateness’ of the land for a particular business. Sites needed to be viable in order to attract inward investment. This issue will be considered by the Greater Exeter Growth & Development Board as a key priority as well as the need for high quality jobs.

·         The Economic Development Officer had been working with local landowners and had knowledge of what potential parcels of land would be coming forward.

·         Being on Exeter’s doorstep, which wanted to be a world leader in terms of technology and digitalisation, presented a tremendous opportunity for Mid Devon.