Member Article

Foreign investment secures 12,500 jobs in region says UKTI

More than 12,500 jobs have been secured in the North West thanks to foreign investments over the past year, according to the latest government statistics.

Annual investment figures from UK Trade & Investment (UKTI) for 2013/14 show that the UK attracted the most inward investment projects since records began in the 1980s – and 14% more projects than last year.

A total of 141 projects were set up in the North West by foreign businesses, creating 5,689 jobs and safeguarding 6,863.

The figures are supported by external independent sources, such as EY, who have confirmed that the UK remains the number one destination in Europe for foreign direct investment projects.

The UKTI report also shows 66,390 new jobs were created, the highest since 2001. In total 1,773 investment projects were set up by foreign businesses in the UK during the 2013/14 financial year. In Scotland, there were 122 projects creating or safeguarding 10,556 jobs.

Since 2010, UKTI has recorded 6,172 inward investment projects which are estimated to have created over 220,000 jobs. Over the same period UKTI has recorded 412 projects in Scotland creating 44,552 jobs.

The announcement was made ahead of the Commonwealth Games Business Conference in Glasgow which will showcase to the world’s business and political leaders all that the UK has to offer.

Prime Minister David Cameron welcomed the announcement.

He said: “Part of our long-term economic plan for the UK is about promoting every part of our country to the world and Glasgow’s Commonwealth Games will give us another fantastic platform to do this.

“I promise this government will continue to work on behalf of every hardworking business in the UK to drum up trade, encourage investment and pave the way for growth so we can generate jobs, pay our way in the world, and create stability, security and a brighter future for our country.”

The report shows that the benefits are spread throughout the UK with England, Scotland, Wales, Northern Ireland and London all recording increases in the number of new investment projects and jobs.

The number of investment projects landing in England (excluding London) also increased by 11%, reaching 840 projects.

Trade Minister Lord Livingston said: “It’s been an exceptional year for foreign investment with record project numbers creating the highest number of new UK jobs since 2001.

“This excellent performance demonstrates the effectiveness of the government’s plans to deliver growth.

“It shows that our strategy to attract investors to the UK by creating one of the most business-friendly environments in the world is the right one and it is proof that foreign investors have confidence in the UK as the best place to do business.”

This was posted in Bdaily's Members' News section by Simon Malia .