02 July 2008
Northwest doubles jobs figure - and is again one of the UK’s
leading regions for Foreign Direct Investment
• Over 150 investment projects creating/safeguarding in
excess of 14,500 jobs – almost twice as many as 2006/07
• Over 280 jobs created or safeguarded every week
• 13 inward investment projects secured every month
• 2008/09 will be the toughest challenge
The Northwest Regional Development Agency (NWDA) can reveal that
England’s Northwest is again one of the UK’s leading regions for
Foreign Direct Investment (FDI). Figures released nationally today
(2nd July) by UK Trade and Investment (UKTI) show that the numbers
of jobs created and/or safeguarded in the region over the past year
have doubled compared to previous years.
The Northwest has attracted 155 inward investment projects*
during 2007/08, an increase of 18 projects on last year and an
increase of 64 projects on 2004/05.
These 156 projects have created or safeguarded 14,647* a massive
7,127 more than the 7,520 jobs in 2006/07.
The collaboration between the NWDA and sub-regional partners,
including The Mersey Partnership, MIDAS, Lancashire Economic
Partnership, Cheshire & Warrington Economic Alliance and
Cumbria Vision, has contributed to these impressive figures with a
spread of new, expansion and acquisition projects from all around
the world reaching all parts of the region.
Steven Broomhead, NWDA Chief Executive, said:
“These figures are a real lift from recent stories surrounding
the slowdown of the global economy and the financial credit crunch.
FDI has been a fierce competition for some years now and we should
take a great deal of encouragement in our regions’ achievements in
the past year.”
“The NWDA works hard with our partners across the Northwest, our
offices overseas and the UKTI, to develop the international
competitiveness of the region and prioritise overseas investment as
an important element to our economic growth.”
“This current year will see the toughest economic climate the UK
has faced since the Regional Development Agencies were established
9 years ago, and we should be prepared for a drop in the UK’s FDI
performance next year, but I am confident that our diverse economy,
particularly here in the Northwest, can ride-out this storm in the
longer term.”
FDI plays a very important part in the Northwest economy. A new
study by DTZ - due to be launched later this month - highlights the
value and significance that FDI has on our region. The report has
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.
The USA remains the key source of FDI into the region in terms
of jobs and financial impact, followed by Germany, France and the
Netherlands.
David Miliband, Foreign Secretary, said: "The UK has a global
reach and our investment pipelines are spread across the world.
Once again, the US remains our biggest investor; but we have also
increased investment from a range of key countries including Sweden
and Japan, important for the rich research and development
investment they bring; Australia, highlighting that the UK is an
attractive base for expansion within Europe; high-growth markets
such as India and China; and Ireland, Germany and the Netherlands,
demonstrating that the UK's economy represents an opportunity for
our neighbours too."
Lord Digby Jones, Minister for Trade and Investment, said: “As a
passionate advocate of UK business success, I am delighted these
figures reflect our continued ability to punch above our weight on
the global stage. In a year of international financial uncertainty
this impressive performance exemplifies that now, more than ever,
the UK economy is synonymous with opportunity and global
potential.”
- Ends -
Notes to Editors
* UKTI regional breakdown figures issued today vary marginally
from the NWDA figures, however UKTI figures will align with NWDA
figures by week commencing 07/06/08.
1). UK Trade & Investment is the UK Government's
international business development organisation, supporting
businesses seeking to establish in the UK and helping UK companies
grow internationally. The services offered by UK Trade &
Investment bring together a network of business sector specialists
and support teams in London, Glasgow, Cambridge, the nine English
Regions and in British diplomatic posts in some 100 markets all
around the world. UK Trade & Investment works with a wide range
of partner organisations in the UK, including other Government
departments, Regional Development Agencies and the Devolved
Administrations, Business Links, Chambers of Commerce and trade
associations. For more information, visit the web site at
www.uktradeinvest.gov.uk.
For latest press releases, visit the online newsroom at http://www.newsroom.uktradeinvest.gov.uk
2). To download the report and other resources related to
the UK Inward Investment Report 2007-8 please visit www.ukinvest.gov.uk/investment-report
3). The UK Inward Investment 2007-8 report records all
inward investment decisions notified to UK Trade & Investment
for the financial year 2007-8 by the nine English regional
development agencies and the national development agencies in
Scotland, Wales and Northern Ireland. It includes new investments,
expansions, and acquisitions. Acquisitions were independently
validated and verified by the UK development agencies.
For further press information contact Kate Keating at the UK
Trade & Investment Press Office on 020 7215 4218 or email
ukti.pressoffice@uktradeinvest.gov.uk
www.uktradeinvest.gov.uk
Or
Neil Roscoe, Senior Press Officer on 01925 400232 or mobile 07980
713282 or neil.roscoe@nwda.co.uk
For further information and to view previous press releases
visit us at
www.nwda.co.uk/press
The Northwest Regional Development Agency (NWDA) leads the
economic development and regeneration of England's Northwest and is
responsible for:
• Supporting business growth and encouraging investment
• Matching skills provision to employer needs
• Creating the conditions for economic growth
• Connecting the region through effective transport and
communication infrastructure
• Promoting the region’s outstanding quality of life