The Black Country has seen continued growth in the number of jobs created by foreign owned companies over the past 12 months seeing an increase of approx. 285% according to new figures released by UK Trade & Investment (UKTI).
FDI (Foreign Direct Investment) has created a total of 1763 jobs in the Black Country in 2015/16 with a 46% increase in FDI projects equating to 19 projects which are a mix of new investment and existing company expansion.
Investors include Porsche, with their new dealership in Wolverhampton, the expansion of Jaguar Land Rover at i54 and Lidl’s new distribution facility Wednesbury.
Published by UK Trade & Investment (UKTI), the UK’s Inward Investment Report for 2015 to 2016 shows that the UK has maintained its position as the number one destination for FDI in Europe after attracting a record number of FDI projects with the West Midlands region leading the way with 168 projects and 11,119 new jobs created, higher than any other UK region.
Stewart Towe, Black Country LEP Chair, said: "The figures released by UKTI are testament to the ongoing work that the Black Country LEP is doing, through Invest Black Country and partners, to promote the Black Country as an investment destination.
"Our sector strengths, coupled to the effort we have put into raising the profile of the area, mean that we are at the head of a growing pipeline of enquiries in the automotive, aerospace and construction technologies sectors. Through innovative projects such as our HVM City portal we are increasingly able to share these opportunities internationally.
"The figures continue to highlight that the Black Country, alongside our partners in the Midlands, is fast becoming the investment hotspot in the UK, and a real alternative to London.”
The results contribute to the Black Country’s increasing reputation as a first-class investment destination following the area’s recognition as one of the top 5 cost-effective LEPs as identified by the fDi Magazines European Cities and Regions of the Future ranking 2016/17, identifying the Black Country as a cost effective UK location to do business.
The Black Country LEP’s interactive platform, HVM City, is an innovative and interactive inward investment tool aimed at supporting the Black Country’s High Value Manufacturing City in its aim to add over £1 billion to the economy, bring forward 150 hectares of land and created over 25,000 jobs. It is the first time a platform of this kind has been created and builds on the Black Country’s reputation as a centre for High Value Manufacturing. Use of the platform will articulate the inward investment opportunities creating a ‘go to’ resource for details on all investment and supply chain opportunities in the Black Country.
For further information on investment opportunities in the Black Country visit www.investblackcountry.com
Pictured: JLR expansion - courtesy of Express & Star