Businesses operating within the UK automotive supply chain industry are set to receive a share of £45.5 million in investment.

This is following the successful bid by Society of Motor Manufacturers and Traders (SMMT), via a funding competition run by the Department for Business, Innovation and Skills. It is claimed the move will see the creation of 1,000 new jobs within the industry and secure a further 1,600.

Investment is being supplied by the Advanced Manufacturing Supply Chain Initiative (AMSCI), which is designed to ensure the industry within the UK remains competitive on a global scale. The SMMT scheme will comprise of a four-year project of research and development among 38 UK suppliers. 

Chief executive Mike Hawes commented: "This programme will allow the supply chain to increase skills and manufacturing facilities, and will make UK-based companies more successful for both local and overseas business."

The project also has won the support of the Automotive Council, which believes it will significantly improve the sector's position as a contributor towards economic growth.