North West claims more foreign investment

THE North West saw the highest level of inward investment last year than any other UK region since 1997, according to a new survey by accountancy firm Ernst & Young.

The firm’s European Attractiveness Survey pointed out that the region attracted 64 projects during the year, generating 2,187 jobs, which was higher than the 1,974 jobs generated in the previous year.

The bulk of investments into the region were made by firms from the US (21 projects), Germany (six) and India (five).

Some 27 of the 64 investments made where into Manchester, seven were into Liverpool and Stockport and Daresbury attracted three projects each.

Simon Allport, North West senior partner for Ernst & Young, said: “This is very positive news for the region with the North West proving to be an increasingly attractive location for foreign investment with big brands including Zurich, Rolls Royce, IBM, Emirates and Siemens choosing to invest here.

“The number of FDI projects in software and business services in particular, prove that the North West has a hub of expertise in these sectors creating more employment which in turn will help the region’s economic recovery following recession.”

However, Allport warned that the disappearance of the regional development agencies could have an impact on attracting future investment.

“The message to Government is that work still needs to be done to enable us to achieve the necessary economic growth and job creation that is expected from FDI.”

Meanwhile, in its Future of Business Report, high street bank HSBC reiterated its claim first made in its 2009 report that Liverpool will be one of seven “Supercities” to emerge in the future as “a dynamic centre of cultural and branding businesses”.

The report states that although the business leaders it surveyed expected Manchester to be the city from the North West that is likely to grow in importance, its experts pointed to innovations being undertaken in Liverpool in areas such as biomedicine and stem cell research as reasons for its greater potential.