Heart of the South West saw nearly 1,000 jobs created through foreign investment projects in the last year; an 80% increase on 2021/22.
The Department for Business and Trade has revealed its Foreign Direct Investment (FDI) figures for 2022/23. The UK remains one of the most attractive places in the world to invest in, with over 1,600 FDI projects creating nearly 80,000 jobs across the country.
FDI can play a crucial role in driving economic prosperity, through directing capital into businesses, export opportunities, facilitating skill development and knowledge transfer, and improving a region’s competitiveness. It can also elevate an area’s global connectivity and reputation, attracting further investment.
In the Heart of the South West LEP area, which covers Devon, Somerset, Plymouth and Torbay, FDI resulted in 16 projects in the last financial year, opening up 957 jobs. In addition, the area secured 8 ‘multi-region’ FDI projects; projects that land in multiple UK locations but where it is not possible to disaggregate the job numbers by LEP area.
These figures highlight the region’s appeal to international investors and its commitment to fostering innovation and growth in key sectors, attracting investment in advanced engineering, environment, infrastructure and transportation, and aerospace.
Compared to 2021/22 figures, the region has had three fewer FDI projects, but the number of jobs created has gone up from 531 to 957; an 80% increase.
Karl Tucker, Chair of the Heart of the South West LEP, said: “We are thrilled to see the Heart of the South West continuing to attract significant foreign investment. These figures highlight the region’s appeal as a prime destination for global businesses seeking growth and opportunities. The range of sectors which saw investment demonstrates our strengths in innovation, research, and sustainable development. We remain dedicated to collaborating with investors and local businesses to build a vibrant and prosperous economy.”
View the Department for Business and Trade’s inward investment results for 2022/23.
