Foreign investment ‘created 4,000 West Midlands jobs’

INVESTMENT from foreign companies in the West Midlands has created more than 1,500 jobs and safeguarded more than 4,000, it has been announced.

The figures were revealed at a business summit attended by more than 100 of the UK’s leading investors, who were told by Prime Minister David Cameron that the Government has put the UK’s ability to attract and retain inward investment at the heart of its economic recovery plans.

Businesses including JLR owners Tata, Toyota, Siemens and Emirates were invited by UK Trade and Investment to hear from the PM and Business Secretary Vince Cable about the UK’s strategy to attract more inward investment.

UKTI said new figures showed that a record number of countries invested in the UK in 2009/10. Inward investment generated 94,000 jobs over the past year, a 20 per cent rise on the previous year. These jobs were generated by a smaller number of projects – 1,619, down from 1,744 projects the previous year.

Mr Cameron told the conference: “Attracting and retaining inward investment is hugely important for our economic recovery. 

“We want Britain to be a place where companies can grow and succeed, where the world’s best companies thrive, where great ideas and innovations are turned into great products and where we have a world-class workforce.

David Cameron“We are determined to deliver the pro-business environment investors need; getting the deficit down to create certainty and stability, cutting business taxes, delivering flexible employment and cutting red tape and regulation.

“Whether your company is established here, expanding here or relocating here, Britain is back open for business and it’s going to be better than before – and better than the competition.”

Regional figures were also revealed at the conference, and Advantage West Midlands said its inward investment team attracted 40 foreign-based companies to locate to the region or expand their current regional operations, creating 961 jobs and safeguarding another 389.

The companies involved are based all around the world, including Australia, China, America and Germany.

One of the most high-profile successes was Microsoft’s Rare Games subsidiary which has established its cutting edge Games Design Studio at Digbeth, Birmingham, against strong competition from other regions across the UK, bringing with it 90 jobs.

AWM’s head of inward investment Richard Butler said: “We are delighted with these results in a very difficult year for British industry and the West Midlands in particular.

“They mean that in the past 10 years we have encouraged foreign-based firms to invest in nearly 400 regional projects which expected to create or safeguard more than 32,000 jobs.

“On top of that, in-depth independent evaluation of our inward investment work shows that every £1 invested has generated £22 for the regional economy.”

The figures for total inward investment to the West Midlands in 09/10, which includes projects in which AWM was not directly involved, are 84 projects creating 1,548 jobs and safeguarding 4,318 jobs.

Speaking at the conference, business secretary Vince Cable said: “Inward investment is crucial to the success of the UK’s economy. It creates thousands of jobs for the country and is key to the economic growth of our regions.
 
“I know how attractive the UK is for doing business. That’s why I’m so pleased that today I can meet with such vital international companies to encourage them to keep bringing business to Britain.”

Highlights from the UK’s 09/10 inward investment results

 

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