LEP boosted by 40% increase in foreign investors
Overseas investors are helping to boost the economy of the Mraches LEP area, latest figures have shown.
Data from the Department for International Trade shows the LEP area secured significantly increased levels of investment from overseas businesses during 2016-2017.
The LEP has said that collectively, these investments created 832 new jobs.
The DIT report also shows that the 21 investments, up from 15 in the previous year, safeguarded a further 320 jobs in the Herefordshire, Shropshire and Telford & Wrekin region.
The Marches LEP directly supported 15 of the investments, including backing automotive manufacturer Magna for its new facility being in Telford. This alone will create up to 295 new jobs.
Gill Hamer, director of the Marches LEP, said: “To see a 40% increase in the number of foreign businesses choosing to invest in the Marches region over the past year is fantastic and serves to highlight just how much the region has to offer.
“Nine investments were made by manufacturing companies which demonstrates the continued appeal of the region to these firms. It is, however, also encouraging to see that almost a quarter of the investments made were in the establishment of Head Offices, a fact which underpins the region’s attractiveness and competitiveness vis-à-vis other areas.”
She also welcomed the support of the investment teams at the LEP’s three local authority partners without which, she said it would be impossible for the partnership and the DIT to convert the investments into tangible growth.
