The UK is experiencing a significant boost in job creation due to substantial foreign investment, supporting the government’s focus on economic growth and levelling up across the country. Recent government statistics, released on Tuesday, highlight that more than 1,600 foreign direct investment (FDI) projects are expected to generate almost 80,000 jobs in various regions of the UK. Notably, Scotland, Wales, Northern England, the Midlands, and the South West are witnessing substantial gains.
Northern England has seen remarkable progress, with Yorkshire and The Humber securing 103 FDI projects that will generate 7,378 new jobs, representing a 97% increase compared to 2021/22 and a remarkable 423% rise compared to 2020/21. Additionally, the North West and North East are anticipating 198 projects that will create 8,867 jobs. In just three years, the North West and North East regions have attracted 604 FDI projects, leading to the creation of 25,872 new jobs.
The Midlands has also experienced the establishment of numerous projects, resulting in thousands of job opportunities. In 2022/23 alone, 265 FDI projects were secured, set to create 11,091 jobs. Similarly, Wales is expected to benefit from 47 projects that will generate 3,062 jobs, marking a 71% increase compared to the 1,793 jobs created in 2021/22.
Minister for Investment Lord Johnson expressed his optimism, stating that these statistics reinforce the positive sentiment shared by foreign investors, highlighting the UK as an excellent investment destination and an ideal platform to establish and grow successful businesses. He emphasised that investors are increasingly exploring opportunities beyond London and the South East, seeking high-growth prospects with highly skilled workforces. The investments are not only supporting key industries but also creating jobs in sectors such as aerospace, automotive manufacturing, financial services, and technology.
Inward investment plays a vital role in the UK’s economic growth, and the latest figures align with recent reports from PwC and EY, indicating that investors are growing more confident and increasing their investments in key sectors. The automotive sector has witnessed 76 new FDI projects in 2022/23, resulting in 3,807 new jobs, compared to 1,786 two years ago. Similarly, aerospace projects are set to create 3,208 new jobs, up from 1,277 previously.
Furthermore, the UK is striving to become a tech and science superpower by 2030, and the latest data suggests that progress is being made in the right direction. The Life Sciences sector will witness 3,546 new jobs from recent FDI projects, while biotech and pharmaceuticals will generate 2,089 jobs. Collectively, over the past three years, both sectors have contributed to 15,608 new jobs through FDI projects alone, underscoring the UK’s advancement in these fields.
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