06/07/2016
NEWS STORY
In a week which began with the final races of the Formula E season and ends with the British Grand Prix, Chris Aylett of the Motorsport Industry Association has urge the Government to take note of the thriving sector and its contribution to the UK economy.
"UK motorsport is recognised worldwide as a global powerhouse industry," he said, "and we must continue to build on this success and work hard to maintain this position over the next few years, especially in light of the recent EU referendum results.
"As undisputed leaders in the sector, it's of no great surprise that Motorsport Valley has secured nine of the eleven Formula One teams, as well as the entire Formula E programme. Such a concentration of teams and expertise means that we are also home to the leading supply-chain for most major international motorsport series.
"We continue to demonstrate our unparalleled depth of industry knowledge to the rest of the world, and this is the reason we are attracting high quality inward investment from both our established economic partners in Europe but also from key growing markets such as America, India and China.
"Indeed, examples of recent inward investment in Formula One alone include Haas F1, Mercedes and Renault while, of course, Donington is the base for all Formula E teams. MIA members have also generated £19 million of export business on the back of just 11 international MIA events.
"Interestingly, in Europe, Germany is currently by far the largest and fastest growing export market for UK high performance engineering and motorsport solutions. Moreover, there is a huge potential in the US right now to gain a share in this $20 billion marketplace. The signs are good, once the markets settle from the recent reaction to the EU Referendum, with the US being the largest exporter for UK motorsport companies.
"The UK motorsport industry is leading the way not only for motorsport, but in developing high performance engineering technologies. However, realising that the breadth of application spreads beyond just motorsport is crucial. The benefits can be transferred into other sectors, including the automotive, defence, aerospace and marine industries - both here in the UK and across the globe.
"We should be proud of our rich motorsport heritage and, through the dedication of such specialised companies and individuals, we are uniquely positioned to offer a world-class community of knowledge. We encourage the Government to acknowledge our industry's contribution to the economy and not overlook the genuine value, and prestige for UK high-performance engineering and technologies which British motorsport brings to the country. This is especially important in light of our renowned position in the global trade environment."
In continued support of the motorsport industry's research, development and export success, the MIA's annual House of Lords Summer Reception was held on 28th June. This enabled the great and the good of the motorsport industry to celebrate the sector at the highest level.
As part of a focused calendar of events to support international trade and innovation exchange, the MIA has also arranged for 20 overseas inward investors to visit key UK companies within the Motorsport Valley region this week. Showcase visits include KW Special Projects, Prodrive, UKTI Export Hub Roadshow, Ricardo, MTC, Cosworth, Donington Park, Formula E and GoodFabs.
More than 200 representatives from UK and international companies will attend the Driving Future Motorsport Business Growth Conference at Sahara Force India Formula One tomorrow (Thursday 7th) July to discuss maximising international export, inward investment and cross-sector opportunities.
The MIA is also hosting its annual business day at the British Grand Prix practice on Friday.