UK confirmed as leading European destination for foreign direct investment
- Published on Wednesday, 24 July 2013 12:03
- Written by Vicki Mitchem
Investment figures show the UK has continued to strengthen its position as the leading European destination for foreign direct investment.
Final annual investment figures released today show the UK has continued to strengthen its position as the leading European destination for foreign direct investment.
The UK's 2012/13 Inward Investment Annual Report, published today by UK Trade and Investment (UKTI), confirms rises in the number of projects and jobs secured compared to 2011 to 2012.
The report shows that in the last financial year:
- The UK saw 1,559 investment projects secured – 11% more projects than the number recorded during the previous year
- These projects are estimated to have brought with them 170,000 jobs – 51% higher than in the previous year. Of these, nearly 60,000 were new jobs and 110,000 existing jobs were safeguarded
- UKTI and its partners were involved in delivering nearly 85% of the projects secured
- These final investment figures published in the UKTI report show improvements on the preliminary results announced at the Global Investment Conference in London on 9 May.
The annual report also shows that the recorded increases are spread throughout the UK. Wales and Northern Ireland in particular have recorded significant increases in investment projects – 191% and 41% respectively – while Scotland registered a 16% increase in the number of investments. The number of FDI projects landing in England (excluding London) increased by 10% reaching 759 projects.
The investment results at the local level in England are also positive with most Local Enterprise Partnerships recording an increase in the number of investment projects in their areas.
Trade and Investment Minister Lord Green said:
The UK has received a major vote of confidence from foreign investors confirming that the UK remains a world leading business destination. Attracting foreign investment is an important element of the UK Government's economic and growth programme and UKTI will continue to work with companies to help create and sustain a globally attractive, highly competitive and truly international economy.
The data published by UKTI bears out trends reported by independent reports including those published by Ernst and Young, Financial Times and UNCTAD, whose figures all showed the UK enjoyed a strong year for inward investment in 2012 to 2013 UNCTAD, in particular, reported recently that despite global FDI inflows declining by 18%, FDI inflows into the UK have risen by 22%.
The UK continues to attract high quality investment from around the globe both from our established economic partners in Europe, North America and Japan but also from key growing markets such as India and China. Investments are also made across a broad range of innovative and economically important sectors. The combination of these factors means the UK continues to be in a strong international position for attracting foreign investment.