According to the Birmingham Post, Advantage West Midlands (AWM) spent the money promoting the region at the MIPIM property event in Cannes last year.
However, officials admitted to the West Midlands Regional Committee at they cannot guarantee that the project resulted in bringing any foreign investors to the West Midlands.
AWM chief executive Mick Laverty said: 'It's very difficult to track exactly what’s happened as a result of thousands and thousands of conversations.'
However, he also told the committee that part of the organisation's role is to showcase the strengths of the West Midlands at events across the globe, the newspaper reported.
Sir Roy McNulty, AWM chairman, added the West Midlands is home to 'enormously capable universities' but needs to raise its innovation levels from being the lowest of the UK.
Earlier this week, the regional development agency unveiled the new £8 million Early Advantage fund to invest in local small firms, which could boost the number of jobs in the region.
However, officials admitted to the West Midlands Regional Committee at they cannot guarantee that the project resulted in bringing any foreign investors to the West Midlands.
AWM chief executive Mick Laverty said: 'It's very difficult to track exactly what’s happened as a result of thousands and thousands of conversations.'
However, he also told the committee that part of the organisation's role is to showcase the strengths of the West Midlands at events across the globe, the newspaper reported.
Sir Roy McNulty, AWM chairman, added the West Midlands is home to 'enormously capable universities' but needs to raise its innovation levels from being the lowest of the UK.
Earlier this week, the regional development agency unveiled the new £8 million Early Advantage fund to invest in local small firms, which could boost the number of jobs in the region.
