Vince Cable vowed the government would continue supporting local businesses during a visit to the Portsmouth area today.
The government’s business secretary came as he opened Magma Global’s new In-Country manufacturing facility at Trafalgar Wharf, part of a £12.75m investment.
Magma – a producer and exporter of high-value carbon fibre pipes – was awarded £2m through the government’s Regional Growth Fund last year to help construct the facility, which has helped to create up to 163 full-time jobs.
Dr Cable also spoke at a ceremony to mark the construction of Fareham College’s new centre for excellence in engineering, manufacturing and
advanced skills training (CEMAST) at the Daedalus Enterprise Zone in Lee-on-the-Solent.
More than £12m from the Regional Growth Fund, Skills Funding Agency and Solent Local Enterprise Partnership will enable the CEMAST project to help
train more than 600 apprentices and create a research and development centre, which will open in September.
Dr Cable said: ‘Portsmouth and the Solent have faced tough times, but have huge potential to create new jobs by building on their strengths in areas like marine, high-tech industries, tourism and the creative economy.
‘Intelligently targeted government investment is helping local entrepreneurial firms like Magma Global and training providers to keep ahead of the game. ‘We will continue working in partnership with local leaders and businesses to support the local economy, connecting firms with the right individuals, networks and funding they need to reach new markets or tackle the skills gaps that hold them back.’