Investment by overseas companies created or safeguarded 13,486 jobs in the Northwest over the last year, UK Trade & Investment and the Northwest Regional Development Agency (NWDA) have announced.
The inward investment figures for 2009/10 were announced at the UK Trade & Investment Business Summit attended by over 100 of the UK’s leading investors.
The NWDA can reveal that England’s Northwest is, for the 4th consecutive year, the UK’s leading region for Foreign Direct Investment (FDI) outside of London and the South East.
For the first time the number of jobs created exceeded the numbers safeguarded, which is a particularly welcome outcome in the current difficult economic climate. In 2009/10, 7,084 jobs were created and 6,402 were safeguarded.
The Northwest has attracted 179 investment projects during 2009/10, more than any other region outside the South East, an increase of three projects on 08/09 and an increase of 23 projects on 07/08.
Chief Executive of UK Trade & Investment Sir Andrew Cahn said: “Today’s results are a real vote of confidence in the Northwest, but we must work harder to continue to attract inward investment in what is a very competitive global marketplace.
“Overall, inward investment fell by 10% across Europe, but the UK remains the number one destination in Europe for FDI.
“UK Trade & Investment is committed to attracting high quality investment into the Northwest, which is so important for the UK’s economic recovery.”
Steven Broomhead, NWDA Chief Executive, said: “Despite difficult economic conditions and fierce competition the Northwest has secured a further set of impressive foreign investment results. The successful figures published this week reaffirm the NWDAs strategy, focus and investment into FDI activity. I am proud of the work of our investment teams across the Northwest and overseas for these uplifting set of results.
“For every £1 The NWDA spends on FDI, nearly £30 will be generated for the Northwest as our work matures. I am delighted that our relatively modest investment is delivering a much bigger return and is creating thousands of jobs for people in the Northwest.”
The collaboration between the NWDA and sub-regional partners, including The Mersey Partnership, MIDAS, Lancashire Economic Partnership, Cheshire & Warrington Economic Alliance and Invest in Cumbria, has contributed to the impressive figures. The NWDA is delighted with the figures this year, achieved despite the difficult economic conditions which have developed across the world, affecting investment decisions of all sizes, across the globe.
The figures follow the findings of an independent interim evaluation of the NWDA’s inward investment and lead generation activities. The ekosgen, Lambert Smith Hampton report found an outstanding return on the NWDA’s investment between 2006-2009 and recognised the outstanding value for money the programme has already delivered and will continue deliver when fully matured.
In the three years, between April 2006 and March 2009, the NWDA has invested £3.5 million in overseas inward investment and lead generation activities for the Northwest, which largely funds the Agency’s overseas operations in key markets which in turn plays a significant part in the successful FDI figures out today. Foreign Direct Investment (FDI) is a long term investment but the report has found that for every £1 the NWDA has put in, the programme is on track to return up to £30 when the programme has fully matured in 2013.
The evaluation report also shows that the NWDA investment has already generated over £56m in GVA with a massive estimated boost of up to £104 million* in additional economic value to the region by 2013 when all of the FDI activity has fully matured.
Source: Northwest Regional Development Agency