Armitt sets out case for greater private investment in Thames Gateway

Thames Gateway Chief Executive Judith Armitt set out her case for greater private investment in the Thames Gateway programme at the MIPIM international property summit.

Judith Armitt was appointed last year to provide strengthened leadership and a clearer joint direction for the organisations involved in delivering the Gateway. She said that the launch of a major new plan and prospectus in November, and the visible transformation happening on the ground mean that the Gateway offers a better investment opportunity than ever before.

Judith Armitt said: "The Thames Gateway is not only Europe's largest regeneration project; it is also the largest investment opportunity.

"This is the place to locate and invest if you want to be part of one of the fastest growing international economies. Unlocking the Gateway's potential could contribute up to £12bn annually to the UK economy. And our new ambition is to attract £40bn of private investment into the Thames Gateway."

"This is an exciting time for the Thames Gateway with 180,000 new jobs and 160,000 new homes being delivered. Former industrial sites that were derelict, contaminated and disused a few years ago are being turned into thriving new businesses, homes and communities as we speak."

Communities Secretary Ruth Kelly added: "Whilst we still have hard work ahead, we are seeing real momentum in driving forward the Thames Gateway project.

"We have our new Chief Executive in place providing strong and ambitious leadership; a major programme of Government investment for new transport links, university campuses and community infrastructure; and a coherent vision for delivering thriving, vibrant communities with new green spaces, retail, leisure and employment.

"That is why businesses and investors can be confident in the Thames Gateway and the major new opportunities it presents."

The Government has invested £7bn in the Gateway in the current spending review period to transform of former industrial areas into vibrant, thriving communities and provide infrastructure.

In order to provide a modern workforce for the new jobs being created there are also numerous schemes to improve skills, retain young people in education and attract employers to the region, with 11 universities and 19 colleges based in the Gateway and being expanded.

Despite further Government funding that will be set out following the spending review later this year, Judith Armitt will say that private investment is the key to the Gateway's lasting success.

"The Government is providing the investment and support to get major regeneration and development schemes that could not have happened on their own up and running. The private sector is crucial to delivering sustained economic regeneration and growth and that is what we are setting out to achieve."

The Gateway's economy is being transformed around four centres: Canary Wharf, Ebbsfleet Valley, the Olympic site/Stratford City and the Gateway Ports cluster. The Gateway also attracts some of the largest and most well-known international companies, including Abbott Laboratories, Aldi, Barclays, BAE Systems, Britvic, Citigroup, Fiat, Ford, HSBC and Lehman Brothers.