UK inward investment projects increase over last 12 months
Figures from the Department for International Trade published today, show the UK attracted 1,852 new inward investment projects in 2019/2020 financial year, representing a 4% increase on the previous year.
Today’s figures show the US continues to be the number one source of foreign direct investment in the UK, delivering 462 projects and 20,131 jobs, while India is now the UK’s second-largest source of investment followed by Germany, France and China and Hong Kong. Australia and New Zealand were responsible for 72 projects and the Nordic and Baltic region 134, an increase for both regions.
England, Wales and Northern Ireland, all saw an increase in the number of projects each nation attracted, whilst Scotland saw a decline on the number of projects from the previous year.
While the number of new jobs as a direct result of foreign investment has declined – a global trend as seen in other FDI reports this year – the number of UK jobs safeguarded by FDI increased by 29%. DIT worked closely with existing investors to safeguard 26% more jobs compared to 2018 to 2019, demonstrating the broad range of support DIT delivers for the UK economy by promoting investment.
International Trade Secretary, Liz Truss said: “These figures further demonstrate the resilience of the UK economy and the work of the Government to continue to build and attract inward investment into the UK. Future trade agreements will deepen our economic relationship with key sources of investment such as the US, Japan, Australia and New Zealand.
“There is still work to be done in our levelling up agenda, to ensure all regions of the United Kingdom reap the benefits of inward investment, increasing jobs and prosperity across the nations, and these free trade agreements will contribute to this.
“Developing key sectors such as advanced manufacturing, life sciences and renewable energy will help us to rebound post-pandemic and build on our attractive business environment across the UK for investors around the globe.”