The Heart of the South West has performed well this year in attracting both new foreign direct investment (FDI) to the area as well as supporting expansion of existing FDI. FDI figures show further significant investment growth building upon last year’s successful results, as announced in the Department for International Trade Inward Investment Report for 2017/18. The report presents the UK’s successes over the last 12 months in securing FDI.
FDI is a key measure of success for the economy, as companies investing in the Heart of the South West are showing confidence in the area’s potential for growth and prosperity.
In the year 2017/18, the Heart of the South West LEP area secured 21 successful FDI projects, creating 1360 new jobs for the area with 91 being safeguarded. This compares with 16 projects having generated 688 jobs in the year 2016/17, indicating improved performance this year both in the numbers of businesses investing (up 30%) and the volume of jobs created (up 97%). In addition, the LEP secured 5 ‘multi-region’ FDI projects. ‘Multi-region’ successes account for those projects that land in multiple UK locations but where it is not possible to disaggregate the job numbers by LEP.
The key sectors of companies investing in the area this year were advanced engineering and related supply chains; food and drink; and electronic and communications. Going forward the LEP is building on these sector strengths as part of its Local Industrial Strategy deal with Government, and is working towards a firm proposition as part of the Budget announcement this autumn.
The national inward investment results are now published on the gov.uk website here: www.gov.uk/government/organisations/department-for-international-trade