UK industries revitalised as Department for International Trade brings in over £16bn in foreign investment since launching
The Thames Valley’s continued reputation as an attractive place to invest is helping boost jobs and industry across the whole of the UK according to a Department announcement.
Since being established in July 2016 the Department for International Trade (DIT) has helped secure more than £16.3 billion worth of foreign direct investment (FDI) across the UK in key sectors including property development, infrastructure and renewable energy.
International Trade Secretary Liam Fox is quoted, “Recent major investments show how much the UK is valued as an innovative business-friendly country. But the benefits of foreign investment have much more impact for local communities across the UK, transforming local industry, creating jobs and tackling issues like housing and clean energy. Britain remains truly open for business, that’s why my department is supporting businesses in the UK and across the world to attract investment to boost our economy. Long-term business investments like these are a clear vote of confidence in the UK and our strong economy post-Brexit.”
Following a record year for FDI in 2015/16, which included the Thames Valley recording the highest number of projects since recent records began, and once again, establishing itself as one of the most successful regions for attracting FDI in the UK. The new department helped broker investment safeguarding and creating jobs in sectors from mineral extraction to financial services.
In addition to a series of high profile investments in the Thames Valley and UK, with global brands such as Bayer and Becton Dickinson committing to new Thames Valley sites, the work of the partnership network of DIT, LEPs and the Chamber of Commerce, has also supported new investment and the growth of many smaller UK firms.
- Nationally, DIT helps to create exporting entrepreneurs – the majority (80%) of businesses the department helps to export abroad has fewer than 250 employees.
- The Chamber have dealt with exports valued over £2billion in 2016 alone – an increase of over 40% from 2015.
Thames Valley Chamber of Commerce Chief Executive, Paul Britton commented: “As a local delivery partner to the DIT and Thames Valley Berkshire LEP, we are pleased to actively help, support and deliver this investment and trade success story to the Thames Valley and UK as a whole. The region is a consistent high performer and is regularly placed in Europe’s top-10 most economically prosperous regions. We are home to some of the UK’s most dynamic, commercially focused academic institutions including the University of Oxford which now ranks as the world’s No.1 University.
“The Thames Valley is the UK’s true dynamo-region contributing significantly to sustained levels of economic growth and development; becoming the preferred destination for many new inward investors. As the figures also show it is a major contributor to the Government achieving its trade and exporting targets. We welcome the news from the department on the positive approach being taken to ensure that the UK is open for business. Crucially we encourage the Government to actively support the Thames Valley region by ‘investing in success’. It is the Thames Valley that will help secure our strong economy post-BREXIT.”