The level of foreign investment in the UK has increased over the past year in spite of the economic downturn, figures have shown.
Figures released today by UK Trade and Investment (UKTI) showed that foreign direct investment in the UK rose over the last financial year, with 1,744 projects recorded, up from 1,573 the previous year.
The majority of this investment was ploughed into new projects, which were up 26% compared with the previous year, as opposed to mergers and acquisitions, joint ventures or expansions, UKTI said.
Minister for trade, investment and business Lord Davies said: “International trade and investment is vital to the long term economic health of the UK.
“Today’s results illustrate strong international confidence in the UK economy and the contribution of this investment will be critical to our ability to compete and succeed as a country in the future.”
Investment came from more than 50 different countries, UKTI said, with the majority coming from the US and India in second place. More than 78,000 new jobs were created by overseas projects.
Sir Andrew Cahn, chief executive of UKTI, added: “The climate remains tough and the competition remains strong. We need to work even harder to stay a global destination of choice. We are committed to ensuring the UK remains the best place to start and grow your international business – both for foreign investors and home grown businesses.”
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