The East of Midlands in the UK has an economy that largely relies on manufacturing. Manufacturing remains a key UK investment sector with companies such as Bombardier, Rolls Royce and Toyota at Derby, boots Pharmaceuticals and imperial Tobacco in Nottingham. Other companies like Siemens, are located in Lincoln. The East Midlands textile industry has been affected by cheap foreign imports and high interest rates. This saw some companies like Richard Roberts in Leicester close shop. Others that could not stand the competition relocated e.g. Speedo went to Asia. The regions development agency is the strategic driver that drives its sustainable economic development in partnership with the public, private and the Voluntary organizations. A long history of partnership with other European countries makes up for about 52 per cent of its exports.
Total earnings from export to the European Nations stands at £5.7 billion annually. Annual job creations is at 292, 000. Investments opportunities in the East of midlands can be done in the various cities that don its landscape. The Nottingham city attracts investments in the Properties, science and technology, biomedical and environmental technology. Research by its universities has been behind some futuristic technological advancement. The city is undergoing a series of development programs. About 3.5 billion pounds is invested around the city ranging from infrastructure, public and private investments, transport and environment. The East Midlands has retained its attractiveness for UK investment with the development of quality and innovative business. The regions ambitious development programs, like the Science Park in Nottingham, continue to inspire investors making the region a desirable location for investments.
There are 110, 000 estimated number of businesses in this region. The regions economy contributes about 2% gross value in Agriculture. The two Enterprise zones located in Corby and Wellingborough provide financial benefits to new and existing business within the zones. Other than that, there are exemptions from some rate taxes and easy process for planning investments. Economic projections predict that by the year 2020, the region will be a flourishing economic hub with sustainable economic prosperity and a higher quality of life incomparable to any other European country’s and like the best in the world. The economy of this region has been affected so little by the global economic downturn. However, with the continued decline and the waning investor confidence, the slow down in the region could get deeper. The conservative formation of stable government by Cameron is being watched carefully.