NEWS > Northwest England leads way for FDI success
Published: Tuesday, 20 Jul, 2010
Investment by overseas companies created or safeguarded 13,486 jobs in the Northwest over the last year, UK Trade & Investment and the Northwest Regional Development Agency, NWDA, announced on 14 July 2010. The inward investment figures for 2009/10 were announced at the UK Trade & Investment Business Summit attended by
Investment by overseas companies created or safeguarded 13,486 jobs in the Northwest over the last year, UK Trade & Investment and the Northwest Regional Development Agency, NWDA, announced on 14 July 2010. The inward investment figures for 2009/10 were announced at the UK Trade & Investment Business Summit attended by over 100 of the UK’s leading investors.
The NWDA can reveal that England’s Northwest is, for the 4th consecutive year, the UK’s leading region for Foreign Direct Investment (FDI) outside of London and the South East. For the first time the number of jobs created exceeded the numbers safeguarded, which is a particularly welcome outcome in the current difficult economic climate. In 2009/10, 7,084 jobs were created and 6,402 were safeguarded. The Northwest has attracted 179 investment projects during 2009/10, more than any other region outside the South East, an increase of three projects on 08/09 and an increase of 23 projects on 07/08.
The collaboration between the NWDA and sub-regional partners, including The Mersey Partnership, MIDAS, Lancashire Economic Partnership, Cheshire & Warrington Economic Alliance and Invest in Cumbria, has contributed to the impressive figures. The NWDA is delighted with the figures this year, achieved despite the difficult economic conditions which have developed across the world, affecting investment decisions of all sizes, across the globe. The figures follow the findings of an independent interim evaluation of the NWDA’s inward investment and lead generation activities. The ekosgen, Lambert Smith Hampton report found an outstanding return on the NWDA’s investment between 2006-2009 and recognised the outstanding value for money the programme has already delivered and will continue deliver when fully matured.
In the three years, between April 2006 and March 2009, the NWDA has invested GBP3.5m in overseas inward investment and lead generation activities for the Northwest, which largely funds the Agency’s overseas operations in key markets which in turn plays a significant part in the successful FDI figures out today. Foreign Direct Investment (FDI) is a long term investment but the report has found that for every GBP1 the NWDA has put in, the programme is on track to return up to GBP30 when the programme has fully matured in 2013. The evaluation report also shows that the NWDA investment has already generated over GBP56m in GVA with a massive estimated boost of up to GBP104m* in additional economic value to the region by 2013 when all of the FDI activity has fully matured.
For more information on the independent report visit:
http://www.nwda.co.uk/news--events/press-releases/201001/fdi-evaluation-report.aspx
FDI plays a very important part in the Northwest economy. An earlier study by DTZ for the NWDA in 2008 highlighted the value and significance that FDI has in our region. The report found that over 17% of regional gross value added (GVA) is accounted for by foreign owned companies operating in the Northwest and that economic output (GVA) per worker is almost 50% higher in foreign owned companies compared to the regional average.
IN SUMMARY
• Northwest is the leading region outside of London and the South East;
• 179 investment projects creating/safeguarding 13,486 jobs;
• 259 jobs created or safeguarded every week;
• 15 inward investment projects secured every month.
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