Sheffield Chamber of Commerce is set to play a lead role in the project management of the festival, which aims to reaffirm the UK's position as a global leader in advanced engineering and manufacturing innovation.

Richard Wright, executive director of Sheffield Chamber, said: "The inaugural Global Manufacturing Festival was a good foundation to develop a unique event in the city which has international reach.

"Early feedback from the March 2011 festival was the need to ensure it provided a significant value added offer to businesses, sponsors and contributors, where economic return can be gained.

"We are reassessing the event format and see it becoming a trade show style gathering of the world's leaders in manufacturing, sharing best practice and ultimately securing contacts for to future partnerships, which will be key to ensuring the city region ultimately benefits."

Commenting on the latest manufacturing figures, Richard added: "This is good news and the fact that the UK remains positive is much better than many other European countries and is being driven by exports.

"What it should tell us is that despite a difficult trading position in Europe and America, UK manufacturing businesses can compete in international markets if they do the right things and focus on export led, high technology and high added value supply chains, which is critical.

"The Global Manufacturing Festival does, and will continue, to do just that. This is exactly the event for companies to attend who wish to enter export markets or grow existing ones."

For the 2012 festival, Sheffield Chamber has joined forces with Marketing Sheffield (the city marketing function of Sheffield City Council), The Cutlers Company and Creative Sheffield in organising a series of focused events, exhibitions, conferences and workshops, with guest speakers from the world of manufacturing, engineering, politics and education.

The organisers are also looking at the long-term plans for the festival, by developing a vision for how the event will be run during the next five years. This includes making the 2013 festival particularly special as it coincides with the 100th anniversary of the first commercial production of stainless steel by Harry Brearley in Sheffield.