Region remains a major magnet for FDI
"Coventry & Warwickshire remains a go-to area in the UK for foreign direct investment as we have the skills and talent sought by overseas companies, as well as the sites and connectivity."
Data released by the Department for Business and Trade has revealed that the Coventry & Warwickshire area remains among the best performing locations in the country as a leading destination for FDI, continuing to outperform the overall UK average.
The area attracted 56 foreign investment projects in the year 2022-23, maintaining the trend of recent years. With 45 projects in the previous year 2021-22, the latest figures rep resent a 24% increase in projects, bettering the equivalent UK increase of 4%. The number of jobs created also increased, up at 3,195 compared to 1,534 last year, while the UK saw a fall of almost 7% for the same period.
Key sectors for Coventry & Warwickshire included automotive and future mobility (17 projects) and digital creative and software (13 projects) and e-commerce and logistics (5 projects). The area also accounted for 17% of the total UK automotive projects. Recent investors into the area included Berry Global, DHL, Rhenus, REE Auto, and Switch Mobility, from countries as diverse as Australia, China, Germany, India, Japan, Sweden and the US.
The release of the data marks another positive landmark for the region; earlier this year, FDI Intelligence Magazine recognised the strength of the local area, placing Coventry & Warwickshire in the top 10 for three categories in its annual FDI European Cities and Regions of the Future Awards 2023. The Coventry & Warwickshire area placed third for FDI Strategy, eighth for economic potential ninth for and business friendliness. The rankings benchmark European cities and regions according to their economic, financial, and business strengths. Invest Coventry and Warwickshire’s local investment strategy stood out due to the strength of its support to businesses in establishing themselves in the area, close collaboration with local partners and unique offer to inward investors.
These figures put the city and county in a strong position as the UK looks ahead to the Global Investment Summit (GIS 23), taking place in October, where the UK Government will seek to attract billions of pounds of high value investment, with a special focus on high tech sectors such as innovation, research and development.
The latest data confirms the city and county as leading UK destination for FDI over the last decade. The Coventry and Warwickshire area has seen 22,714 jobs created from 403 foreign direct investment (FDI) projects over the last nine years3.
Per capita, Coventry & Warwickshire was the best performing area of all 38 LEP geographies across England for the number of new jobs created through FDI investment per 100,000 working age people in 2022/234, and is the leading Midlands area for FDI project investments when local population is taken into account5.
Martin Watson, Cabinet Member for Economy, at Warwickshire County Council said “ We are thrilled to see that Coventry & Warwickshire remains a go-to area in the UK for foreign direct investment as we have the skills and talent sought by overseas companies, as well as the sites and connectivity. The area boasts outstanding talent pipelines at major universities, excellent transport infrastructure by road or rail and partners are experienced at supporting businesses in establishing operations in the area.
“The county council’s inward investment service provides an excellent soft-landing support for business, with help in finding properties, accessing funding and attracting talent or filling skills gaps. The support available is comprehensive, and I would encourage potential investors to reach out to us if they are thinking of investing in the area.”
For further information, please visit www.investcw.co.uk or email contact@investcw.co.uk