Opportunities for growth in the U.K. aerospace sector was the agenda for an Aerospace Business Leaders meeting this week hosted by Business Secretary Vince Cable.
Attending were top executives from Airbus (EADS), Rolls-Royce, Bombardier Aerospace, GKN, Finmeccanica and ADS.
The meeting discussed how industry and government working together can address barriers to growth, boost exports and increase the number of high value jobs in the United Kingdom, the ministry said in a statement.
Britain’s aerospace industry has a 17 percent global market share.
“With around 100,000 people employed all around the country and contributing around ($35.5 billion) a year to our economy, the aerospace sector is central to our plans to rebalance the economy,” Cable said. ”The global aerospace market is constantly changing, it is important that government works closely with our leading businesses to provide support and help the industry maintain its world leading position.”
For example, the Farnborough Air Show in 2012 is an excellent opportunity to showcase British aerospace.
”Our aerospace companies also have a diverse supply chain of some 3,500 companies in total, most of which are SMEs (subject matter experts),” Cable said. “However, the evidence is that the U.K. aerospace supply chain is losing work overseas. That’s why we announced a fund of up to (approximately $193 million) to help reverse this trend and ensure that the sector can benefit from the massive growth that will take place in the global aerospace market over the next 20 years.”
The UK has world-leading excellence in wings, engines, landing gear, and advanced systems that keep aircraft flying safely and efficiently, and is one of only five nations in the world with the range of capabilities needed to design and build advanced helicopters.
Aerospace industry investment in the United Kingdom in 2011 include capital from Bombardier , Airbus, Finmeccanica’s AgustaWestland, and The National Composite Center.