Semta

Importance of the sector

Manufacturing and engineering provide the opportunity to rebalance the economy.  These industries are strategically important to the country's future - economically and socially.  The UK sector:

• contributes £140 billion per annum  to the economy -  55% of UK exports
• invests around £10 billion in research and development - 74% of all business R&D
• contributes £160 billion in Gross Value Added - £50,000 for each person employed
• is the seventh largest exporter of high or medium-high technology goods in the OECD
• is the third largest destination for inward foreign investment in manufacturing in the OECD
• generated 94,000 jobs through inward investment in 2009/10, a 20% rise on the previous year

Despite recent slow economic growth, the world economy is forecast to double in the next two decades, as emerging markets such as India and China expand.  The UK remains one of the world’s major manufacturing countries. It is essential the sector develops the skills to enable the UK to succeed in an increasingly competitive global market place.