Member Article

Foreign direct investment generates 11,300 London jobs

The city of London has been named the world’s leading city for direct investment, according to a new global study of international investment.

In 2014, London brought in more foreign investment and created more jobs than any other city in the world according to IBM’s annual Global Location Trends report.

The report also reveals that foreign investment into London generated 11,300 jobs for the city in 2014, more than the number of jobs for Paris, Amsterdam and Barcelona combined.

For the seventh year in a row, London topped the IBM rankings attracting 235 foreign investment projects from companies relocating and expanding overseas.

London outperformed major global cities across all continents with significantly more investment projects compared with other destinations such as New York (31), Singapore (79) and Dublin (51).

On a national level, the report found that the UK is the leading country in Europe for the number of jobs created from foreign direct investment (FDI) projects. FDI has provided a boost for the national economy with 49,500 jobs – almost double the amount of the next highest ranking country, Germany (23,100).

Mayor of London, Boris Johnson MP said: “For centuries London has been one of the world’s most successful international trading cities and it is terrific that we continue to attract record levels of business from overseas.

“London’s position at the centre of the world makes it an ideal destination for investors and international companies looking to do business with markets across the globe. Foreign investment is a key driver of jobs and growth for the London economy.”

David Stokes, Chief Executive, IBM UK and Ireland said “Our report proves that foreign owned businesses continue to see London as an attractive place to invest and a key place to do business.

“This illustrates London’s position as a strong competitor in the global marketplace and the momentum the city possesses in recruiting new foreign investment.”

Total global foreign investment increased by 6% in 2014 while the associated jobs created also saw a 6% increase in the same period. The report outlines the latest trends in corporate location selection, showing where companies are locating and expanding their businesses and creating jobs around the world.

This was posted in Bdaily's Members' News section by Ellen Forster .