Government unveils £120m aerospace project
12 July 2012
Posted by Satvir Bhullar
A new £120 million initiative that is intended to provide the UK's aerospace sector with a significant boost has been unveiled by the Government.
The Aerospace Growth Partnership (AGP) was launched this week by Vince Cable, the Business Secretary, during the Farnborough International Airshow in Hampshire.
"We have the top aerospace industry in Europe, and are second in the world only to the US," he declared, adding that an estimated 27,000 new large civil airliners will be required between now and 2030.
A new vision for the future of the industry has also been published by the Government in a bid to ensure that UK-based firms win the billions of pounds in new contracts that will be available over the coming 15-20 years.
The Government reports that public and private sector investment worth £200 million has gone into the aerospace sector in the UK since 2011 and the AGP is intended to secure the industry's future.
Dr Cable declared: "The Government is doing all it can to make the UK an attractive environment for aerospace - ensuring that companies are more likely to invest in jobs and facilities here with us."
A further £60 million is being invested in a UK Centre for Aerodynamics after the money was revealed in the 2012 Budget to develop the nation's intellectual leadership in the field.
The 2012 Farnborough International Airshow is taking place this month between July 9th and 15th, with companies from around the world in attendance and unveiling new planes, innovations and growth strategies.
With five days as a trade show and the final two days in which members of the public can attend, it is one of the largest of its kind and the 2010 incarnation saw $47 billion (£30.3 billion) worth of orders announced during the event, with 120,000 trade visitors in attendance from 44 nations.