Foreign direct investment points to strong post pandemic recovery

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Nearly 2,000 jobs have been created in Coventry and Warwickshire thanks to investment from foreign companies in the last year.

According to figures from the Department of International Trade (DIT), 1,909 new jobs have been created and 42 jobs safeguarded, with 45 successful foreign direct investments in the area.

This 10% jump in projects compares well when set against the overall UK figures, which saw a decline of 12% in UK projects over the same period.

Local key sectors were strongly represented, with eight projects from software/ games development and 11 from automotive and advanced engineering.

This year investors have included Hello Fresh, which has created a new e-commerce fulfilment centre in Nuneaton, Lotus Engineering which has expanded their local presence with a new base at Wellesbourne Innovation Campus, BSA/ Classic Legends which has established a design and development centre in Coventry, and games developer Electric Square which has set up a studio in Leamington Spa.

The Coventry and Warwickshire area has seen 17,985 jobs created from 302 foreign direct investment (FDI) projects over the last seven years.

Sarah Windrum, chair of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “It’s extremely positive that Coventry and Warwickshire continues to perform well in attracting inward investment.

“Given the difficulties and uncertainty presented by the pandemic, our region has continued to perform strongly and attract major international investment, creating and safeguarding nearly 2,000 jobs.

“We’re pleased that with the combined efforts of CWLEP, Coventry City Council, Warwickshire County Council and the CWLEP Growth Hub along with the Department for International Trade (DIT) and its partners, this area is continuing to reap strong results and strengthen Coventry and Warwickshire’s standing as a great place to live and to do business.”