Two Commonwealth investments into the West Midlands have been revealed as Birmingham hosts the Commonwealth Games.
A Canadian fintech firm and an Indian plastic tech platform will expand into the region following support from the Global Growth Programme, a support package for international companies looking to grow in the UK.
The investments were announced at the Commonwealth Business Forum at the International Convention Centre, organised in partnership with the Commonwealth Enterprise and Investment Council.
That event saw business leaders and government officials explore how the transition to net zero can help create sustainable economic growth through trade, including investment opportunities, technology and green finance.
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The event also marked the launch of UK House - an eight-day programme of trade and investment talks taking place alongside the Games
Canadian-headquartered fintech company, Kora is making its first European investment with the opening of its UK office in the West Midlands.
The pan-African payments infrastructure provider helps businesses to accept and make payments and convert currency across multiple channels.
Kora chose Birmingham "due to its established FinTech and banking ecosystem and tech-oriented talent pool".
Gideon Orovwiroro, chief operations officer at Kora, said: "Marking our first ever European investment, the launch of our new Birmingham office is a major milestone for Kora. The region’s extensive pipeline of tech talent and strong track-record in FinTech and banking will support us in enabling more businesses and individuals to make use of our innovative payments infrastructure.”
The Disposal Company, based in Jaipur, Rajasthan, is India’s first automated plastic offsets platform, which aims to help clients reduce plastic waste.
Its solutions include include its Plastic Credits scheme and Seal of Sustainability, designed to incentivise organisations to reduce their plastic footprint and drive positive environmental change.
The Disposal Company will create a new UK headquarters in Birmingham over the coming year.
New arrivals Kora and The Disposal Company will receive a package of free support from the Global Growth Programme, including ‘soft landing’ office space at Bruntwood SciTech’s Innovation Birmingham campus. The programme is led by the West Midlands Growth Company in partnership with the Department for International Trade.
Andrew Griffith MP, UK Minister for Exports, said: "I’m so pleased to share these new investments, a direct result of the Global Growth Programme, which has helped to showcase the potential of the West Midlands for businesses to invest in.
"We already have free trade agreements with 33 Commonwealth nations and additional ones that we are currently negotiating will unlock fresh opportunities for further collaboration, particularly in the green industries that are priorities for the UK and our Commonwealth partners.”
Ian Ward, leader of Birmingham City Council, said: "As we celebrate the start of the Commonwealth Games, these valuable Commonwealth-sourced investments are a sign that the Global Growth Programme is already bearing fruit, underlining Birmingham’s position as an international business hub. I have no doubt that Kora and The Disposal Company will thrive in our city and I look forward to many more growing enterprises choosing to base their UK headquarters here.”
