The Advanced Manufacturing Supply Chain Initiative (AMSCI) supports R&D development, skills training and investment capital to encourage companies to reshore production to the UK.
Previous rounds of AMSCI have secured more than 500m of public-private funding for 44 projects in the UK, including technology for increasing the scale of 3D printing of metals; and reshoring the manufacture of cats eyes from overseas to the UK.
Terry Scuoler, chief exec at manufacturers’ organisation EEF, said: This is another welcome boost for British manufacturing, which will have a positive impact on the wider economy.
Our own research shows that in the last 3 years, 1 in 6 companies have re-shored production back to the UK with many turning to a UK-based supply chain for parts and components.
High value manufacturing creates jobs and wealth here so Im delighted to see the government getting behind it.
The manufacturing sector supports two and a half million jobs and contributes almost 140 billion a year to the UK.
Vince Cable, the business secretary, said: A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure that Britains supply chains are up to the task of supporting the sector in the long term.
“Our industrial strategy, which has given business the confidence to invest, is paying dividends in the reshoring we have seen so far. We will continue to support businesses to secure more highly skilled jobs and a stronger economy.