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Overseas businesses flock to our region
Introduction
- From July 2006 to July 2007, 55 overseas companies moved into our region bringing with them in excess of £100 million of private finance
- Over 1,700 jobs were created or safeguarded
Summary
Figures released by UK Trade and Investment in July 2007 showed that there was a record 89 per cent increase in foreign direct investment into Yorkshire and Humber during the previous 12 months, after Yorkshire Forward’s market focused approach to inward investment attracted 55 overseas companies to the region.
These investments have secured in excess of £100 million of private finance for the regional economy, creating or safeguarding over 1,700 jobs. Measured as a return on investment, it meant that for every pound invested by Yorkshire Forward in attracting international businesses, it generated over £146 for the region.
Theresa Lindsay, Assistant Director of Marketing & Business Development at Yorkshire Forward explained that “Overseas investment is vital to our regional economy and has the capacity to stimulate our economic performance to a faster degree than most other forms of economic intervention. Foreign investors tend to focus on improving working practices and investing in technology and R&D, which can stimulate growth and increase productivity over and above improvements that are based on capital expenditure.”
The average salary of jobs created by new investors to the region in 2006/7 stands at over £26,000, which was well above the national average.
