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Jul 4, 2008

The annual inward investment results for 2007-8 showcase another highly successful year for the UK, with a record 1,573 investment projects won in what marks a fifth consecutive year of growth.

According to the figures, published by UK Trade & Investment, over 120 new jobs were created each day as a result of this investment from overseas companies, bringing employment and wealth to every area of the country. 

John Hutton, Business and Enterprise Secretary, said: "These results are a ringing endorsement of the UK as an international investment destination, demonstrating that our compelling mix of a business friendly environment, political and economic stability, world-class talent, and a strong research and development base, is a powerful magnet for overseas companies."

Other highlights of the "UK Inward Investment 2007-8" report include:

• Total projects up 10 per cent from 1,431 to 1,573
• 45,051 new jobs created and a further 58,488 safeguarded, bringing the total number of associated jobs to 103,539 (up 32 per cent)
• 653 (42 per cent) of the total were new projects and 436 (28 per cent) of the total were expansions by existing investors
• R&D operations increased by 83 per cent to 251 projects; with high value and R&D intensive projects representing two thirds of the total
• Advanced Engineering projects rose by 61 per cent to 182 projects
• Environmental Technologies projects increased by 22 per cent to 59
• Though we have seen a slight softening in last year's record figure, the US remains our biggest investor - representing some 30% of the total investment projects, and almost 30,000 new and safeguarded jobs

David Miliband, Foreign Secretary, said: "The UK has a global reach and our investment pipelines are spread across the world. Once again, the US remains our biggest investor; but we have also increased investment from a range of key countries including Sweden and Japan, important for the rich research and development investment they bring; Australia, highlighting that the UK is an attractive base for expansion within Europe; high-growth markets such as India and China; and Ireland, Germany and the Netherlands, demonstrating that the UK's economy represents an opportunity for our neighbours too."

Lord Digby Jones, Minister for Trade and Investment, said: "As a passionate advocate of UK business success, I am delighted these figures reflect our continued ability to punch above our weight on the global stage. In a year of international financial uncertainty this impressive performance exemplifies that now, more than ever, the UK economy is synonymous with opportunity and global potential."

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