Billions of pounds into foreign investment in the UK is to generate thousands of jobs across the country, according to the Department of Business and trade
This foreign investment in UK aligns with the government’s emphasis on economic development and attempts to level up.
New numbers made public today by the UK Department of Business and Trade show that over 80,000 jobs will be created by more than 1,600 foreign direct investment (FDI) projects in all parts of the nation.
Notably, this increase in investment will result in large advantages for Scotland, Wales, Northern England, the Midlands, and the South West.
Foreign investment in UK: Remarkable growth in jobs
With Yorkshire and The Humber obtaining 103 FDI projects and the resulting 7,378 new employment, Northern England has emerged as a centre of growth.
This amounts to a notable rise of 97% from the previous year and a stunning 423% increase from two years before.
In addition, 198 projects in the North West and North East areas are projected to create 8,867 employment overall.
In just three years, 604 FDI projects have been recruited to the North West and North East, leading in the creation of 25,872 new UK employment.
Increasing number of projects and job opportunities
Additionally, there has been a substantial influx of new projects in the Midlands, which has resulted in the creation of thousands of employment which is highly beneficial for the UK economy.
There will be 11,091 new jobs created by the 265 FDI projects that were obtained for the 2022–2023 term.
Similarly, 47 projects in Wales are expected to generate 3,062 new employment, an increase of 71% over the 1,793 jobs created the year before.
Minister for investment highlights UK’s appeal for foreign investors
The Minister for Investment, Lord Johnson, commented on the data and said that they support the optimistic feeling that he often hears from overseas investors.
He emphasised that the UK is a great place to invest because it offers a solid platform for starting and growing successful enterprises.
The data also suggests that investors are expanding their search for high-growth prospects and qualified workers outside of London and the South East.
A new contribution to thriving industries
These investments also support thriving industries and contribute to job creation in sectors ranging from aerospace and car manufacturing to financial services and technology.
Lord Johnson highlighted the upcoming Northern Ireland Investment Summit and the Global Investment Summit, which will bring together major global players to invest in the UK’s most promising sectors.
Key sectors benefit from inward investment
The UK economy’s expansion is heavily dependent on inward investment. Ultimately current reports from PwC and EY that show that investors are growing more confident and aggressively expanding their investments across several important industries are supported by the most current statistics.
- 3,807 new employment will be created in the automotive industry alone through 76 new FDI projects throughout the 2022–2023 timeframe, a considerable increase from the 1,786 jobs produced two years ago.
- Similar to this, the aerospace industry expects projects to create 3,208 new employment, up from 1,277 positions earlier.
UK towards technology and science superpower status
Other than foreign investment in UK, the UK is also set to become a superpower in science and technology by 2030, according to the government.
Through a series of strategic initiatives and investments aimed at fostering innovation and research excellence.
The government has recognised the pivotal role that technology and science play in driving economic growth, improving societal well-being, and addressing global challenges.
With its steadfast commitment to pushing the boundaries of knowledge and embracing emerging technologies, the UK is well on its way to realising its vision of becoming a technology and science superpower, poised to shape the future and lead the way in addressing the complex challenges of the 21st century.
