§ Mr. LlwydTo ask the President of the Board of Trade what was the total cost to public funds of the financial package offered to Samsung to induce its investment in Cleveland; and if he will make a statement. [35010]
§ Mr. OppenheimMy Department offered regional selective assistance grant and loans totalling £58 million, against a proposed investment of £450 million by the company, in 1994 to secure the Samsung investment for the United Kingdom. The project is expected to create at least 3,000 jobs in Cleveland. RSA assistance will be paid out over the next ten years or so as the various elements of the Samsung investment proceed and the jobs involved are created. In addition, a number of other agencies agreed to provide local support covering training and employment allowances, the development of a dedicated training centre and necessary infrastructure and premises development related to the investment. Much of this local support will not be in the form of grant to Samsung but will fall in the current and future work and training programmes of the agencies concerned.