Foreign firms looked to the UK for investment projects at record levels over the last year, new statistics reveal.
Figures published by government body UK Trade and Investment show that inward investment jumped by 31% in 2004, its highest ever level, creating nearly 40,000 jobs throughout Britain from 1,066 foreign investment projects.
The figures mark an increase over the 25,463 jobs created from 811 projects the previous year.
“Inward investment is essential for the long-term health of our economy, bringing job and wealth creation, new skills and technology,” said Alan Johnson MP, secretary of state for trade and industry.
Johnson pointed to depressed areas of Britain that have been given a boost by an influx of new capital over the last year, invigorating local enterprise with new jobs and encouraging more businesses to start up.
“Inward investment can help to revitalise local economies, and I am particularly pleased that in regions with a history of high unemployment we are seeing substantial numbers of jobs created, with today’s figures showing nearly 4,000 jobs created in the North East and 2,600 in Wales,” Johnson said.
The country’s biggest gains came in the number of IT investment projects, which increased by 61% over last year. Biotechnology projects increased by 38%, and research and development followed with a 22% increase.
The services sector led with 451 investment projects, followed by manufacturing.
While the United States was responsible for nearly half of all investment, emerging economies in China and India climbed the investor ladder.
