Foreign investments into Birmingham up by more than 50%
THE number of foreign investments into Birmingham has risen by more than half in the last 12 months, according to new research from the Marketing Birmingham Regional Observatory.
Birmingham attracted a 52% increase in foreign direct investment (FDI) projects in 2012/13, with the city securing 41 new projects compared with 27 in 2011/12.
The 41 projects created and safeguarded 4,003 jobs for the city – an increase of 29%. The jobs will boost the local economy by an estimated £174m, it has been suggested.
Since launching in April 2011, Business Birmingham, the city‘s inward investment programme, has helped to double the number of foreign investment projects coming to the city from 19 in 2010/11 to the 41 reported in today’s analysis.
Neil Rami, chief executive of Marketing Birmingham, which operates Business Birmingham said: “These results demonstrate that Birmingham has what it takes to win over new foreign direct investment despite tough competition from locations across the globe.
“Our focus on key sectors and growth markets is beginning to pay dividends. This year we have successfully broadened our international reach, strengthened our relationship with UKTI and developed a stronger network of local partner support.”
The six sectors targeted for investment by Business Birmingham accounted for four in every five investments in 2012/13. They are advanced engineering; business, professional & financial services; digital media; life sciences; food & drink and IT, Electronics and Communications (ITEC).
Reflecting Birmingham’s established strengths in advanced engineering, nearly half (42%) of the city’s investment projects came from this sector. This included the opening of a new European Manufacturing Hub by Australian packaging company tna and the expansion of Chinese-owned SAIC UK’s European Design Centre.
ITEC comprised 12% of investments, followed by digital media and life sciences (both 10%). Projects from these sectors included German prosthetics company Otto Bock Healthcare moving into Minworth Trade Park .
