Northwest Inward Investment success
NWDAThe Northwest Regional Development Agency (NWDA) has revealed that England’s Northwest is once again the UK’s leading region attracting foreign direct investment (FDI) outside of London and the South East.
Figures released nationally on 14th July, by UK Trade and Investment (UKTI), show that the Northwest has secured 179 new investment projects with 13,486 associated jobs, despite the fact that FDI flows were severely affected by the economic crisis.
FDI is a key driver of the Northwest economy with almost 3,000 foreign companies providing 11% of all jobs in the region. A key part of the Northwest’s efforts to attract FDI is to work with UKTI and via NWDA’s office network overseas. An independent evaluation of the NWDA’s inward investment and lead generation programme, by Ekosgen, shows that every £1 the Agency invests will generate a return of £30 for the region.
The region benefitted from a variety of international companies making significant investment last year, including: SAICA (Spain); Typhoo Tea (India); Tech-X Corporation (USA); Westinghouse (Japan); and Ineos Fluor (Mexico), who all invested in the region during 2009/10. Key markets for sourcing FDI in to the Northwest include the USA, followed by Europe, Japan and India.
The Agency-led Hello Northwest service has also attracted 16 inward investment projects. The service, which offers 12 months free office accommodation for new investors, has welcomed German-based P3 Igenieurgesellschaft mbH, a national and international consultancy and engineering business, to Daresbury Science and Innovation Campus. Cimex, a digital engagement agency, has also benefited from the service, choosing to locate in Manchester in Portland Tower.
The NWDA continues to work with sub-regional partners, overseas partners and with UKTI, to develop the international competitiveness of the region and focus efforts on good quality foreign investment.
Collaboration between the NWDA and sub-regional partners, has significantly contributed to these impressive figures with over 70% of these projects being supported by public sector partners. The NWDA is delighted with the figures this year, achieved despite the difficult economic conditions.
› www.nwda.co.uk
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