Overseas investment rising in the West Midlands
Overseas companies pumping money into West Midlands businesses helped create more than 9,400 jobs last year, new figures reveal.
Despite fears over the impact of Brexit talks on investment in the UK, the latest figures from the Department for International Trade show increasing numbers of new projects involving foreign direct investment, or FDI.
There were 171 new projects across the West Midlands last year – the most for three years.
They resulted in 9,424 new jobs, and helped safeguard 315 more.
International Trade Secretary Dr Liam Fox said: “Two years since the EU referendum, the UK has record employment and seen an increase in new jobs as a result of inward investment.
“We remain the top destination in Europe and third in the world for foreign direct investment. As an international economic department, we continue to promote the strengths of the UK as a great inward investment destination, with an open, liberal economy, world-class talent and business-friendly environment.”
In total foreign direct investment created almost 76,000 jobs last year, says the Government – on average 1,500 jobs a week.
Figures from the Department for International Trade show 2,072 projects recorded, with 75,968 new jobs were created and 15,063 were safeguarded.
Overall the UK remained the number one destination for inward investment in Europe, with the wholesale, food and drink, electronics, and infrastructure sectors all seeing an increase in the number of new jobs.
The increase in new jobs result from investment from across the whole globe, with jobs from German investment up by more than 60 per cent, increasing to 9,357. New jobs from Indian investments increased from 3,999 to 5,659 and from US investment, jobs surged to 26,570 – an eight per cent increase on the previous year.
Outside of London, the Midlands Engine area was the biggest beneficiary, attracting 243 projects which resulted in 13,138 new jobs being created
