The County has built on its traditional strengths to become a UK commercial centre for the environmental, food and marine sectors, while continuing to expand its tourism and creative industries. These, alongside Cornwall’s reputation as a focal point for aerospace and biomedical businesses, provide a diverse, strong and sustainable economic platform.
EU Objective One investment was a significant catalyst for this transition. The funding stream ran from 2000-2007 and in the first few years saw Cornwall’s GDP per head rise by over 10% – significantly higher than most comparable EU regions. From 2003 onwards, growth has remained ahead of the curve for the UK and the rest of the South West.
Importantly, the investment provided the impetus for an expansion in higher education, which has helped establish a highly-qualified workforce. It also rekindled Cornwall’s spirit of entrepreneurship, which first came to prominence in the UK’s industrial revolution. Today, that is evident in the high proportion of successful start-up and niche businesses that are thriving in the region.
With a further £445 million programme of EU 'Convergence' investment now beginning to take effect, a number of major transport, workspace and infrastructure projects complete, rising skill levels and increased business funding and support, Cornwall is recognised as a strong and sustainable knowledge-based economy – and an outstanding investment opportunity.