A new research project to attract investment in the Solent’s marine and maritime engineering sectors has been launched.
Energy Minister Michael Fallon, who was appointed Minister for Portsmouth last month, made the announcement following plans to close the city’s shipbuilding yard, which is expected to lead to 940 job losses.
The University of Southampton will lead the research, which will focus on the Solent and will be used to promote its marine and maritime industries to investors, especially those from overseas.
The industries, with business opportunities including those in maritime technology, marine science and marine renewable energy, contribute around £19 billion to the economy and employ 367,000 people, according to the Department for Business, Innovation & Skills (BIS).
Mr Fallon said: “The Portsmouth and Solent area has enormous expertise in marine and maritime engineering.
“This root and branch review will identify opportunities that could generate substantial investment in the local economy and provide a strong foundation for development in the years ahead. We are committed to building confidence in the area as a world class centre of excellence in which businesses will invest and create jobs.”