Foreign investment secures nearly 2,000 jobs in Lancashire

Nearly 2,000 jobs have been secured in Lancashire thanks to foreign investments over the past year, according to the latest government statistics.

uktiAnnual investment figures from UK Trade & Investment (UKTI) for 2013/14 show that the UK attracted the most inward investment projects since records began in the 1980s – and 14% more projects than last year.

A total of 27 projects were set up in Lancashire by foreign businesses, creating 456 jobs and safeguarding 1,364.

The figures are supported by external independent sources, such as EY, who have confirmed that the UK remains the number one destination in Europe for foreign direct investment projects.

The UKTI report also shows 66,390 new jobs were created, the highest since 2001. In total 1,773 investment projects were set up by foreign businesses in the UK during the 2013/14 financial year.

Prime minister David Cameron said: “I promise this government will continue to work on behalf of every hardworking business in the UK to drum up trade, encourage investment and pave the way for growth so we can generate jobs, pay our way in the world, and create stability, security and a brighter future for our country.”

The report shows that the benefits are spread throughout the UK with England, Scotland, Wales, Northern Ireland and London all recording increases in the number of new investment projects and jobs.

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.

The USA led the way as the largest source of FDI projects for the UK, generating 501 projects, up 27%. The top Commonwealth country for FDI is Canada. Canadian investment reached new heights in 2013/14, with 89 projects, up an encouraging 41%.

European companies also demonstrated increased interest in the UK. The two largest European contributors were France and Germany, both delivering over 100 projects, representing rises of 18% and 31% respectively. The highest numbers of projects were in sectors central to the industrial strategy including the advanced manufacturing industry group with 418 projects creating a total of 37,204 jobs.