A York-based candidate hoping to be the region’s first mayor says he will ‘transform’ inward investment.
Matthew Freckelton has pledged to deliver a £600m boost to North Yorkshire’s economy from international firms.
He says he will “turbocharge” the region’s economy by securing a massive increase in foreign direct investment into North Yorkshire, “supporting the creation of thousands of good-quality, well paid jobs right across the region”.
Only 0.37% of the foreign direct investment into the UK, worth just £7.5bn, comes to North Yorkshire.
Every region that borders North Yorkshire, with the exception of Cumbria and the Tees Valley and Durham, attracts more investment from around the world, Mr Freckelton says.
Even though nearly half (48%) of people in the region have a university level qualification, the region is one of the worst performing in England for securing global investment.
He would set up a dedicated inward investment team and work with the Department for Business and Trade and the Office for Investment to bring in the cash.
A successful tech entrepreneur and former chairman of the York Conservatives, Mr Freckelton is running to become the Conservative candidate in next year’s North Yorkshire mayoral election.
“North Yorkshire is a fantastic place to invest and do business,” he said.
“But unfortunately, when it comes to securing investments from global firms that will boost our economy and create thousands of good-quality well paid jobs, we’re simply not doing good enough.
“For me it is unacceptable that almost every part of England lands more global investments than we do in North Yorkshire.
“This has to change and that’s why, as mayor, I will be unapologetic in my drive to increase international investment.
“We cannot sit back and expect investments to just land in our lap. We need to be proactive and sell the region, along with the benefits of coming here, to companies around the world.
“To do this we need a mayor who is commercially minded and understands the power a business savvy Mayor has when it comes to landing transformational investments of global significance.
“By driving investment into the region we will put more money in the pockets of hardworking local people for themselves and their families, boost our high streets and support communities.”