C&W leading the way in foreign direct investment

Tuesday 11th of February 2020 11:26 AM

Nearly 15,000 jobs have been created in Coventry and Warwickshire over the last five years through investment projects – putting the region at the top of the charts for foreign direct investment.

The figures from the European Cities of the Future 2020/21 also reveal Coventry and Warwickshire continues to be a leading location for Foreign Direct Investment (FDI), with more than 2,500 new jobs secured in the region in the 12 months to March 2019 while 14,554 jobs have been created from 216 investment projects over the last five years.

Coventry and Warwickshire achieved nearly 50 successful projects during the 12-month period to March 2019, with major investors including Comau, Jaguar Land Rover, Martin Brower, Hyundai Engineering, Kuehne and Nagel and Microsoft Xbox.

The report also highlighted the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) was first of the 38 LEPs in England for its FDI strategy, the third placed LEP for business friendliness and fourth for economic potential.

The success will be marked at a presentation at MIPIM – the world’s biggest property development and investment show – in March.

The Coventry and Warwickshire MIPIM Partnership, made up of companies and organisations who represent the area, attends the event which attracts 30,000 delegates.

Jonathan Browning, chair of the CWLEP, said it was great to see Coventry and Warwickshire remained a leading Midlands and UK destination for inward investment.

He said: “It is vital to attract inward investment for the future of Coventry and Warwickshire’s economy and we have much to continue to build on.

“Coventry and Warwickshire is a key UK centre of vehicle design, testing and engineering, and we are especially strong in electric vehicles, battery and energy storage and Connected Autonomous Vehicle technologies.

“Later this year, the UK Battery Industrialisation Centre will open which will build on the existing R&D and technology site pipeline of over £1 billion that we have in the area.

“Partnership working is key to the success of our FDI strategy and we have strong links with the Department for International Trade, Midlands Engine, the West Midlands Combined Authority, industry and two leading research universities at Coventry University and the University of Warwick.

“We are pleased with the results of the report and we will maintain our strategy of promoting key sectors including future mobility technologies, creative and digital, and business professional and financial services.”

Cllr Jim O’Boyle, Cabinet Member for Jobs and Regeneration at Coventry City Council and CWLEP board director, said: “Having a job changes lives, which is why we work so hard to attract investment and create the opportunities for businesses, large and small, to invest and grow.

“Coventry and the region has a lot to offer and employers are recognising this which is good for our economy and for local people.”

Cllr Izzi Seccombe, leader of Warwickshire County Council, said: “The increase in foreign investment has not happened by accident. And even better news is that much of the work that has been going on is going to benefit the region in future years as well as now. 

“We actively promote key sectors and Warwickshire is home to Silicon Spa, the hub of creative industries, which employs over 2,500 people with that number expected to grow.   

“The region is also home to some of the most innovative vehicle design, specifically electronic vehicles, battery and energy storage and Connected Autonomous Vehicle technologies.  We are at the forefront of future industries so foreign investors are confident in the region’s ability to respond quickly to changes in the markets.”