It has been confirmed that all of the inward investment agencies for the Midlands will come together as one team under the Midlands Engine banner at MIPIM, the world's largest commercial property fair, to be held in Cannes in 2017.
The government has announced £375,000 as a contribution to a Midlands Pavilion for the next three years, matching the £750,000 being committed by the agencies.
Sir John Peace, Chairman of the Midlands Engine, said: "I believe we are now ready to very clearly and very loudly speak with one united voice on the world's stage."
John Forkin, Managing Director of Marketing Derby, said: "Last year, for the first time, all the inward investment agencies from the Midlands met in Derby. We believe it's important to show a united front on the international stage and collaboration between inward investment agencies is increasing."
A new Midlands Engine foreign investment hub based in Birmingham will help deliver more high value investments into the Midlands Engine. The hub will bring together a range of partners including the eleven local enterprise partnerships and UKTI. When established, the new Midlands Engine foreign investment hub will be tasked with creating 1,400 jobs and bringing £15 million of foreign direct investment into the region over the next three years. It will also manage a £2 million Challenge Fund.
The Midlands Engine's vision is to bring 300,000 jobs and £34 billion to the UK economy.