Coventry & Warwickshire hailed as a leading centre for FDI
“These rankings emphasise the strength of our FDI proposition to new and existing investors, the work we do with partners and the innovative approaches we are taking to attract investment, including foreign investment to the Coventry & Warwickshire area.”
The Coventry & Warwickshire area has again performed strongly in a major international awards - sponsored by The Financial Times - recognising foreign investment strategy and economic potential.
Coventry & Warwickshire’s place as a leading centre for FDI (foreign direct investment) was recognised in the latest ‘fDi Intelligence’ magazine’s 'European Cities and Regions of the Future 2024’ awards. The Coventry & Warwickshire area was placed second for FDI Strategy, up one place on last year, and was awarded top-ten placings for Economic Potential and Business Friendliness. The rankings benchmark European cities and regions according to their economic, financial, and business strengths.
Investment from overseas companies remains a significant driver of economic activity and employment in the city of Coventry and the county of Warwickshire.
The awards results follow data released last year that 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, the most recent data available, maintaining a strong trend of recent years.
With 45 projects in the previous year 2021-22, the latest figures represented 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 Coventry & Warwickshire area is the highest performing area in the Midlands per capita, where the number of projects is compared to the local population. For 2022 the area scored one project per 26,000 people, with the next comparable LEP area coming in at one project per 31,000, and elsewhere as low as one in 71,000. 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 years.
Martin Watson, Portfolio Holder for Economy and Place at Warwickshire County Council, said: "Warwickshire is one of the most attractive investment locations for business in the UK, and we continue to be innovative and proactive in the support we provide to business, such as the Property Infrastructure Fund and the unique offer around Warwickshire Skills Hub.
“These rankings emphasise the strength of our FDI proposition to new and existing investors, the work we do with partners and the innovative approaches we are taking to attract investment, including foreign investment to the Coventry & Warwickshire area.”
Invest Coventry & Warwickshire provides soft-landing support to businesses looking to set up in the UK Midlands. More information and help with setting up in Warwickshire and Coventry can be found at www.investcw.co.uk
The full results of the FDI Intelligence awards can be found here