It outlines the priorities for investment and action to create the optimum backdrop for growth that has the target of an economy doubled in size by 2050.
The plan, published by the South east Midlands Local Enterprise Partnership today, has been developed in close consultation with partners in business, local authorities, government and education.
It will underpin future work on the Local Industrial Strategy and the development of the Oxford -Milton Keynes- Cambridge Growth Corridor following the final report of the National Infrastructure Commission, expected later this month.
As part of the Strategic Economic Plan, SEMLEP will also publish the Growing People Skills Strategy and the key findings from SEMLEP’s 2017 Business Survey.
SEMLEP chair Ann Limb pictured said: “We have a strong and thriving economy in the South East Midlands, with a positive future. We are already recognised as the most innovative LEP area in the country, with considerable sector strengths, aligned to government’s Industrial Strategy.
“The economic evidence and analysis that underpins our strategic priorities shows that the South East Midlands will continue to be integral to the success of the UK’s economy. However, we cannot and must not be complacent.
"Our area faces skills challenges and, to realise our potential, we need to invest in developing the right infrastructure to meet the future needs of our businesses and growing population.”
The revised Strategic Economic Plan sets out a clear vision for the type of growth SEMLEP wants to see and what is required to achieve prosperity for businesses and communities across the region, she added.
“Success in delivering against the economic ambitions will depend on close collaboration across all our partners in private and public sectors.”
Employers rate the South East Midlands higly as a location fr business because of its high quality of life, central location in the UK and ready access to markets worldwide because of its transport links.
Alex Burns, president of the leading automotive engineering and test service provider Millbrook and a SEMLEP board member, said: “These advantages have helped us to grow our business in recent years but the local employment market and infrastructure are approaching full capacity. To continue to be a platform for growth for high technology businesses like Millbrook, the South East Midlands needs to increase the capacity for economic growth.
"This new Strategic Economic Plan contains many practical steps that can be taken to do that and to develop the region as a leading location for business. The Plan also contains many measures that can be used to access and promote the progress the region will make in the coming years.”
SEMLEP will now work with partners to develop an implementation plan for the SEP in order to set performance indicators and targets to achieve the doubling of the South East Midlands’ GVA by 2050.
The Strategic Economic Plan can be downloaded from http://www.semlep.com/our-strategy/
