Project Director: Benjamin Adesola
Project manager: Lisa Vou Goje
PROJECT OBJECTIVES: Invest in Milton Keynes Project is encouraging Foreign Direct Investment (FDI) in local community. It can bring various benefits to a local city council and the broader community.
PROJECT BENEFITS
- Economic Growth: FDI often leads to increased economic activity, creating new businesses, jobs, and contributing to overall economic growth in the city. This, in turn, can result in higher tax revenues for the city council.
- Job Creation: Foreign companies establishing operations locally or investing in existing businesses can lead to job creation. This is particularly beneficial for the local workforce and can help reduce unemployment rates.
- Increased Tax Revenue: Foreign businesses contribute to the local economy through various taxes, including corporate taxes, property taxes, and payroll taxes. This additional revenue can be used by the city council to fund public services and infrastructure development.
- Technology Transfer and Innovation: FDI often brings advanced technologies, expertise, and innovation to the local business environment. Local businesses may benefit from knowledge transfer and collaboration, leading to increased competitiveness and growth.
- Infrastructure Development: To attract foreign investors, local governments may need to improve infrastructure, such as transportation, utilities, and communication networks. This not only benefits the foreign investors but also enhances the overall infrastructure of the city.Diversification of Industries: FDI can contribute to the diversification of the local economy by bringing in new industries and sectors. This diversification can make the city more resilient to economic downturns in specific sectors.
- Skills and Training Opportunities: Foreign companies may invest in training local workers, enhancing their skills and making them more competitive in the global job market.