New £8 billion growth plan for marine industries

18th September 2011

A new strategy that could lead to £8 billion growth in the British marine and maritime industry has been launched today by Business Minister Mark Prisk at one of Europe's premier on-water shows, the PSP Southampton Boat Show.

Drawing on the thinking of business, Government and academia, the Marine Industries Growth Strategy (MIGS) is the first ever integrated UK strategy for the marine industries and establishes a foundation for ambitious but sustainable long-term growth.

If properly implemented, this strategy could lead to a £25 billion marine industry by 2020.

Business Minister and Co-chair of the Marine Industries Leadership Council Mark Prisk said:"Britain's marine industries are one of our best prospects for high value, high skilled economic growth. That's why we are launching the Marine Industries Growth Strategy to harness that potential and grow the industry by £8billion by 2020.

"By working together, like Lloyds Register and the university are doing here in Southampton, our marine industries can share knowledge, experience and opportunities. That way they will be able to create jobs, growth and a stronger more resilient supply chain.

"By harnessing the potential of the sector, and the research potential of our universities, we can build our strengths and capabilities to make sure that Britain's marine sector has a bright and successful future."

The strategy identifies several areas for growth including:

* capitalising on export opportunities, particularly with growing economies like Brazil, Russia, India and China;
* expanding the domestic offshore renewable energy industry;
* building on partnerships with academia to continue to produce world leading research and investment; and
* greater cooperation across the marine industries.

Richard Sadler, Chief Executive of Lloyds Register and the industry Co-chair of the Marine Industries Leadership Council said:"As co-chair of the Maritime Industries Leadership Council, I'm committed to leading this vital collaboration between business, academia and government to deliver a clear strategy revitalising the industry's skills base, advanced technical capability and export potential.

"It is also vital that the industry presents a united voice to government through the Department for Business, Innovation and Skills and UK Trade and Investment. This commitment is also reflected in Lloyd's Register's own collaboration with universities across the UK and the relocation of our UK marine business to a new Group Technology Centre in Southampton."

Lloyd's Register and the University of Southampton have already forged the largest university and business partnership of its kind in the UK, and are investing £116 million in creating a world leading Maritime Centre of Excellence in Southampton. The centre means that innovative engineering practices and cutting edge design are located in the same place, attracting new inward investment to the Solent maritime cluster.

The University's Vice-Chancellor Professor Don Nutbeam said:"As a leading global centre of marine research and innovation, with strong links with maritime industries including SMEs and larger companies such as Lloyd's Register, we recognise the importance of establishing long-term relationships between business and academia. This approach ensures that university research is relevant to marine industries and that they in turn can benefit from our innovation. We therefore welcome this new strategy for sustainable growth."

The strategy has been developed by the recently created Marine Industries Leadership Council, which is inviting marine companies to show their support for the strategy by taking part in the "UK Marine Industries Alliance". The alliance is a new coherent identification to tie together the naval, commercial, leisure, renewable and other sub-sectors of the marine industries.

Information
1. The strategy will be given in hard copy to those attending the launch and will be available for download from the industry's new website, www.ukmarinealliance.com

2. The UK marine industries employ nearly 90,000 people and contribute £3.5billion Gross Value Added (GVA) to the Nation's Gross Domestic Product. The UK is the fourth largest shipbuilder in Europe in terms of Gross Value Added and the third largest in boat-building. It leads the world in offshore renewable power development.

3. The Marine Industries Leadership Council is co-chaired by Richard Sadler, Chief Executive of Lloyds Register, and Business Minister Mark Prisk. It is made up of trade associations, government departments, devolved administrations and regional networks. It includes the British Marine Federation, Society of Marine Industries, Shipbuilders and Shiprepairers Association, RenewableUK, Chamber of Shipping, UK Naval Engineering, Science and Technology (UKNEST), and ADS. Government departments (Department for Business, Innovation and Skills, Department for Transport, Ministry of Defence), other public bodies and regional networks are also represented on the Council.

4. The Technology Strategy Board is also today (19th September) inviting participation in its development of a Marine technology and innovation roadmap and capability assessment. For more information go to: http://www.innovateuk.org/

5. The Government's plan for growth is available at: www.bis.gov.uk/growth