Backing local economy’s future a key focus of Investment Minister visit

Backing local economy’s future a key focus of Investment Minister visit

Pictured: From left to right: Sir Colin Humphreys CBE, Dr Simon Thomas, Minister Baroness Poppy Gustafsson, Mayor Dr Nik Johnson, Rob Bridge.

 

Mayor of Cambridgeshire and Peterborough welcomed Minister for Investment Baroness Poppy Gustafsson to the region to explore opportunities to strengthen the local economy.

The visit took place on Friday 14^th February in Huntingdon at Paragraf, a pioneering graphene-based electronics company. Discussions focused on the Combined Authority’s developing Local Growth Plan, which aims to grow the region’s economy through strategic infrastructure investment and supporting key sectors like life sciences, advanced manufacturing and agri-tech.

Baroness Gustafsson, who serves as a Minister in both HM Treasury and the Department for Business and Trade, is no stranger to the region. Before entering government, she played a key role in founding Darktrace in Cambridge in 2013, which developed groundbreaking AI-powered cybersecurity technology.

The visit included a tour of Paragraf, itself an example of the region’s innovative advanced manufacturing sector. Paragraf is the first company in the world to mass-produce graphene-based electronic devices and was founded as a spin-out from Cambridge University’s Centre for Gallium Nitride.

Further discussions covered ways to attract more business and foreign investment to Cambridgeshire and Peterborough, including plans for a new employment site to encourage overseas interest. A key role of the Combined Authority is to drive more inward investment, both nationally and internationally, building partnerships with government, investors and businesses.

There was also focus on how to make it easier for fast-growing companies to scale and develop in the region, further supporting Cambridgeshire and Peterborough’s reputation as an exciting place to start and grow a business.

Mayor Dr Nik Johnson said: “The Combined Authority is working to support the sustainable growth of our nationally important and innovative local economy. Baroness Gustavson’s visit highlights the immense potential of our region, from world-leading innovation at Paragraf to our broader ambitions to further our economy’s international competitiveness. By working together with government and investors, we can support further business growth and entrepreneurship, which in turn will bring new opportunities for jobs and prosperity for more of our communities.”

Minister for Investment Baroness Gustafsson OBE said: “The UK is one of the best destinations in the world to invest, and I’m delighted that Cambridgeshire and Peterborough Combined Authority are working hard to make the area a prime location for foreign direct investment.

“Life sciences and advanced manufacturing have been picked as two of our high growth sectors in our upcoming Industrial Strategy, and our Plan for Change will help attract valuable investment, delivering long-term growth that supports skilled jobs and raises living standards across the UK.”

Paragraf CEO and Co-Founder Simon Thomas said: “Baroness Gustafsson’s stewardship of Darktrace through its journey from startup to a successful commercial enterprise in Cambridge makes her extremely well qualified to shape national policy on scaling innovative, deep-tech companies like Paragraf. By working with the Cambridgeshire and Peterborough Combined Authority, she and Mayor Johnson have a key role in fostering the kind of growth the UK government has prioritised. We were delighted to welcome them to Huntingdon, where we showcased our new advanced materials semiconductor manufacturing site and discussed how to strengthen the UK’s leadership in technology development and production – driving growth through next-generation chip manufacturing and its associated ecosystem at the heart of the Oxford-Cambridge Arc.”