Region leads the way in growth of foreign investment
The West Midlands has reported strong foreign direct investment (FDI) figures, as the only UK region to have increased both the number of projects and jobs created.
The data from the Department for International Trade, for 2017/18, showed the West Midlands attracted 171 new FDI projects which created 9,424 jobs.
It was 20 projects and more than 2,800 jobs more than a year earlier. All other UK regions saw a decrease on either one or both counts.
Neil Rami, chief executive at the West Midlands Growth Company, said: “Our investment strategy for the region is centered on supporting an inclusive, diversified economy and attracting quality projects that yield the greatest employment opportunities.
“These latest figures from DIT represent a huge vote of confidence in our approach and how the West Midlands is perceived internationally.”
Investors in the West Midlands in 2017/18 included New York-owned technical testing company Exova, which invested in the Black Country, and Austrian manufacturer Benteler Automotive, a Coventry and Warwickshire investment.
Engineering, construction and project management company Bechtel and hydraulics manufacturer HydraForce – both US firms – also newly invested or expanded into the region.
Rami added: “Foreign companies are investing here as they to look to capitalise on the flourishing network of innovation hubs, R&D facilities and enterprise zones that underpin the West Midlands’ success.”
At a national level, the US, Germany and China led the way as the largest sources of investment into the country. The UK’s environment, infrastructure & transportation sector attracted the most FDI, followed by the food & drink sector.
