Cable appoints ex-Ford boss as Automotive Investment Organisation head
Business secretary Vince Cable has appointed Joe Greenwell, the former chairman of Ford, as head of the Automotive Investment Organisation (AIO). Funded with up to £3 million over the next two years, the AIO will spearhead the campaign to attract inward investment to the UK. Continuing to attract investment from overseas into the UK is one of the main themes of the automotive industrial strategy to be published shortly. The automotive sector is one of 11 key areas that the government is working collaboratively with industry on a long-term plan to deliver economic growth and prosperity.
The Automotive Investment Organisation will be led by UK Trade & Investment (UKTI), and will take strategic direction from the Automotive Council, to develop a strategy to repatriate the supply chain and build on the opportunities identified in the UK.
A report published by the Council in 2012 found that there was an additional £3 billion of new business that could be won by UK suppliers and overseas companies looking to set up or expand manufacturing facilities in the UK.
Vince Cable, who is also co-chair of the Automotive Council said: “On average only a third of the parts that go into cars manufactured here are sourced from the UK. We know that global manufacturers in the UK want to buy more from the UK.
“As the former chair of a global automotive company, Joe Greenwell brings all the experience that the Automotive Investment Organisation needs. He will help to build on the success of the unprecedented investment we have seen in the UK automotive sector and encourage a more extensive supply chain.”
Joe Greenwell said: “I have worked in the automotive industry for many years so I understand the challenges of maintaining the levels of success we’ve seen recently in the auto sector. As head of the Automotive Investment Organisation, my job will be to promote why the UK is a GREAT supply chain investment opportunity, increase R&D investment and strengthen our relationships overseas with global manufacturers.” cja
Business Minister Michael Fallon announced the appointment at the Society of Motor Manufacturers and Traders (SMMT) International Automotive Summit on 13 June.