22nd Oct, 2021

Foreign investment creates 2,000 jobs in Coventry and Warwickshire as region bucks the national trend

ALMOST 2,000 jobs have been created in Coventry and Warwickshire in the past year because of foreign investment which, business experts say, points to a strong post-pandemic recovery for the region.

The figures show that, despite a difficult 18 months for many parts of the local and national economy, our area continues to be a leading location for companies from abroad.

Department of International Trade (DIT) statistics show a new 1,909 jobs have been created and 42 safeguarded with 45 successful foreign direct investments and a further five shared across multiple areas.

The 10 per cent jump in project compares well when set against the overall UK figures which saw a 12 per cent decline in projects over the same period.

Local key sectors were also strongly represented with eight ventures coming from software or games development and 11 from automotive and advanced engineering.

This year investors have included Hello Fresh, which created a new e-commerce fulfilment centre in Nuneaton, Lotus Engineering which has expanded its local presence with a new base at Wellesbourne Innovation Campus, BSA/ Classic Legends which has established a design and development centre in Coventry and games developer Electric Square which has set up a studio in Leamington Spa.

The Coventry and Warwickshire area has seen 17,985 jobs created from 302 foreign direct investment (FDI) projects over the last seven years.

Sarah Windrum, Chair of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said it was extremely positive the area was continuing to perform well in attracting inward investment.

“Given the difficulties and uncertainty presented by the pandemic, our region has continued to perform strongly and attract major international investment, creating and safeguarding nearly 2,000 jobs.

“We’re pleased that with the combined efforts of CWLEP, Coventry City Council, Warwickshire County Council and the CWLEP Growth Hub along with the Department for International Trade (DIT) and its partners, this area is continuing to reap strong results and strengthen Coventry and Warwickshire’s standing as a great place to live and to do business.”

Coun Kam Kaur, Warwickshire County Council’s portfolio holder for Economy and Place, said: “There has been a concerted effort from all parties to make sure that we maximise our potential and to ensure that we are selling the undoubted attributes of the area.

“Attracting new investment and supporting existing businesses is more important than ever as we move out of the pandemic and back to recovery.”

Coun Jim O’Boyle, portfolio holder Jobs, Regeneration and Climate Change at Coventry City Council and CWLEP board director, said: “We continue to be a very attractive proposition for inward investors because of our location, skilled workforce and other attributes including our two leading universities.

“We’re also ensuring we’re well set to attract further investment – which is why we are working hard to establish a Gigafactory at Coventry Airport.

“Getting a job changes lives – that’s why we work so hard with our partners to land these projects and it’s why we will continue to work with our partners to ensure that Coventry and Warwickshire is at the forefront of investors’ minds.”

 

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