THE WEST Midlands has topped the regional rankings for foreign investment and has seen the highest growth in the UK.
According to official data from the Department of Business and Trade, the region has seen its highest FDI (Foreign Direct Investment) performance on record.
The West Midlands also has more projects than Scotland and Wales combined, surpasses London and outstrips the country’s average five-fold.
And the region bucked the national trend of a decline in FDI-related jobs.
The last financial year also saw the West Midlands Growth Company (WMGC) – the region’s official investment promotion agency – saw a 171 per cent increase in projects, compared to last year.
The Business and Tourism Programme (BATP), the first of its kind established to boost the economic impact of the Commonwealth Games, has played a key role in boosting the region’s inward investment performance.
Over the last year, BATP-led trade and investment missions to India, Australia, Malaysia and Singapore and the US. These links have enabled the West Midlands to strengthen existing trade ties and reach into new markets to increase its inward investment.
In the past year, India has overtaken the US to become the West Midlands’ leading FDI source, with tech-led investments into the region representing a prominent trend.
Matt Hammond, Chair of the WMGC, said: “Despite the wave of shocks that have faced the global economy over the last year, these latest FDI figures are a reminder that investment appetite in the West Midlands remains extremely strong.
“It shows the mileage and impact of the West Midlands on the world stage when the right interventions – such as the Business and Tourism Programme – are in place.”
He added it demonstrated the success of the WMGC’s award-winning investment strategy.
As part of the £1.5billion Deeper Devolution Deal, the WMGC will co-develop a bespoke West Midlands international strategy in conjunction with DBT.
Andy Street, the Mayor of the West Midlands, said: “Not only does this mean our industrial heritage, entrepreneurial culture, world-class universities and a broad and deep talent pool is setting the West Midlands apart in the eyes of overseas investors, but it also means thousands of quality jobs are being created right here for local people.
“There could not be a greater vote of confidence in the region than investors putting their money on the table in the way they have this past year, but it is critical now we keep up this momentum and continue to build on the global platform that the Commonwealth Games gave us.”
