Fuse lit to £558m economic boom for Cambridge-Norwich Tech Corridor
The Cambridge Norwich Tech Corridor today launched a 15-year vision to create £558 million in economic growth both in and between the two cities.
Leading business figures claimed at the Palace of Westminster that the new corridor joined one of the UK’s most established technology clusters with one of Europe’s largest single-site concentrations of research in food, health and environmental sciences together with clusters of excellence in digital, manufacturing and advanced engineering.
The corridor, which includes significant parts of Cambridgeshire, Norfolk and Suffolk, already employs over 170,000 people working for 12,000 businessesin knowledge intensive industries including global brands: ARM, Lotus, Multimatic and Baxter International, together with a large network of SMEs.
Cambridge Norwich Tech Corridor was established to address three significant opportunities:-
1 – To encourage collaboration between existing communities of expertise within the corridor: digital, agri-tech/food, bio-tech and advanced engineering
2 – To create greater awareness of the concentration of affordable growth space within close proximity of Cambridge and Norwich
3 – To attract government funding to further enhance and consolidate the corridor
Aslam Farikullah, chief operating officer for Group Lotus plc, based in the Tech Corridor, said: “As we are growing our automotive business in Norfolk, the development of a technology park combined with the link to the Cambridge Norwich Tech Corridor can only strengthen our local position, which we welcome.”
Mark Pendlington, chair of New Anglia Local Enterprise Partnership added: "The Cambridge Norwich Tech Corridor is a real enterprise highway, driving the transformation of the East, connecting our key growth sectors with the major universities, research hubs and centres for business located here, as well as London.
“The area is a magnet for new investment and new jobs, and is one of the best locations in the East for businesses located here with ambitions for growth.
“The strong strategic alliance between our MPs, the leaders of business and education and our local authorities mean that this exciting initiative and the momentum it has achieved makes the Tech Corridor a top location and we will continue to invest in its success.”
The vision is that by 2031, the Cambridge Norwich Tech Corridor will be a destination of choice for global technology – including engineering, agri-tech and advanced manufacturing companies.
Attracted by excellent infrastructure, reasonably priced land and adjacent to the cities and universities of Cambridge and Norwich, investors will create an additional 9,000 well-paid jobs and will add £558 million to the regional economy.
Approximately 33 per cent of Cambridgeshire, 50 per cent of Norfolk and 25 per cent of Suffolk’s populations live and work within the corridor area.