Warwickshire in Global Spotlight for FDI
Inward investment and Foreign Direct Investment attraction performance in Warwickshire was again in the spotlight as a major new report shows the county as a leading destination for inward investment.
The County Council Network and EY recently released their new report ‘Global Britain, Global Counties: Attracting Foreign Direct Investment’. Foreign Direct Investment, or FDI, is where an overseas company invests in new or existing facilities in the UK.
FDI in England had a strong 2021, rebounding from the Coronavirus pandemic. FDI projects across the whole country rose by 1.8% year-on-year to 993 in 2021, whilst the total number of projects into England since 2018 stands at 3,480, with the creation of over 125,000 jobs announced.
According to the data presented by EY, Warwickshire County emerged as the strongest performer in 2021 of the 36 English counties, with 20 projects. Meanwhile for the study period of 2018-21, Warwickshire was the leading county for FDI of the 9 Midlands counties, and the third nationally out of the 36 English counties. There were 46 FDI projects between 2018-21 in Warwickshire, behind Cambridgeshire on 58 and Hampshire on 56.
Further analysis shows that per capita, the number of projects per head of population, Warwickshire comes out again third on 19, behind North Northamptonshire (22) and Cambridgeshire (21).
FDI creates significant value for the economy. For example, Department for International Trade estimates suggest that, from FDI projects between 2019-20, the UK economy has seen a GVA uplift of £2.8bn.
Warwickshire benefits from its central location and proximity to the West Midlands conurbation, but other factors are in play. According to EY, investors cite access to skills and talent (27.1%) and support from local economic bodies as among the top 5 criteria when considering investing in a location outside of London.
The full report can be found here.
Warwickshire County Council Portfolio Holder for Economy and Place, Cllr Martin Watson,said: “It’s great to see the combined efforts of agents and developers and our inward investment colleagues recognised in these excellent FDI figures for Warwickshire. Warwickshire has the skills and talent sought by overseas companies, the right commercial property as well as access to supply chains and connectivity. We have an excellent soft-landing support for business, and I would encourage potential investors to reach out to us for support.”
Warwickshire County Council works closely with Coventry City Council, via Invest Coventry & Warwickshire, to promote inward investment and support businesses setting up in the area. It works with regional partners like West Midlands Growth Company and Department for International Trade, promoting key sectors like Future Mobility and Digital Creative.
For companies considering investing in the UK and the Midlands area, more information on the Coventry & Warwickshire area can be found at www.investcw.co.uk.