Coventry and Warwickshire has further strengthened its position as a leading location for new inward investment creating thousands of jobs in the process.
New figures from UK Trade & Investment (UKTI), now part of the Department for International Trade (DIT), has revealed more than 3,600 new jobs were created in Coventry and Warwickshire over the last 12 months by attracting foreign investment to the UK.
In the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) area there was a total of 47 successful Foreign Direct Investment (FDI) projects during 2015/16 which led to 3,621 new jobs being created and safeguarding a further 1,206 jobs.
Of the projects, 57 per cent were expansions and 21 per cent new investments, while there were 21 recorded successes in the automotive sector.
UKTI and Coventry and Warwickshire Local Enterprise Partnership (CWLEP) supported 35 of the projects over the last 12 months.
The new figures show a significant increase from the 33 FDI projects in 2014/15 which created 2,928 new jobs and safeguarded 180 jobs.
As in previous years, expansion of existing investors has contributed greatly to the foreign investment footprint in Coventry and Warwickshire, demonstrating the commitment that major employers such as Jaguar Land Rover, Brose, Holland and Barrett and Zhejiang Geely have to the area.
Jonathan Browning, chairman of the CWLEP, said he was pleased almost 700 more jobs have been created by companies from overseas investing in Coventry and Warwickshire in comparison to the previous year.
“The figures show Coventry and Warwickshire is performing well and even accelerating on an already strong level from last year,” he said.
“This new foreign investment into the area is very positive news for the region and shows how well all the local authorities and organisations involved are working together.
“We’re delighted that 3,621 new jobs have been created through foreign investment being attracted to our area, and shows Coventry and Warwickshire is continuing to head in the right direction and is contributing strongly to the UK remaining the number one investment destination in Europe.
“The region has a strong track record of performing well in advanced manufacturing, engineering and automotive and the report shows we remain particularly strong attracting national and global businesses in these sectors. This means we are creating highly-skilled, desirable jobs.
“The CWLEP, Coventry City Council, Warwickshire County Council, along with UKTI and its partners have been involved in helping to secure these investments and the latest report clearly shows these partnerships are resulting in hugely positive results which benefit the region’s businesses and people.”