Nearly two thousand new jobs have been created thanks to investment from foreign companies in the last year newly published data has revealed.
The figures show that despite a difficult 18 months for many parts of the local and national economy, Coventry and Warwickshire continues to be a leading location for foreign investment. According to figures from the Department of International Trade (DIT), 1,909 new jobs have been created and 42 jobs safeguarded, with 45 successful foreign direct investments in the area, and a further five shared across multiple areas1.
This 10 per cent jump in projects compares well when set against the overall UK figures, which saw a decline of 12 per cent in UK projects over the same period. Local key sectors were strongly represented, with eight projects from software/ games development and 11 from automotive and advanced engineering
This year investors have included the German-owned Hello Fresh, which has created a new e-commerce fulfilment centre in Nuneaton and Lotus Engineering, which is now wholly owned by Geely, the Chinese car manufacturer, has expanded its local presence with a new base at Wellesbourne Innovation Campus, BSA/ Classic Legends which has established a design and development centre in Coventry, and games developer Electric Square which has set up a studio in Leamington Spa.
The Coventry and Warwickshire area has seen 17,985 jobs created from 302 foreign direct investment (FDI) projects over the last seven years.
Sarah Windrum, Chair of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “It’s extremely positive that Coventry and Warwickshire continues to perform well in attracting inward investment.
“Given the difficulties and uncertainty presented by the pandemic, our region has continued to perform strongly and attract major international investment, creating and safeguarding nearly 2,000 jobs.
“We’re pleased that with the combined efforts of CWLEP, Coventry City Council, Warwickshire County Council and the CWLEP Growth Hub along with the Department for International Trade (DIT) and its partners, this area is continuing to reap strong results and strengthen Coventry and Warwickshire’s standing as a great place to live and to do business.”
Cllr Kam Kaur, Warwickshire County Council’s portfolio holder for Economy and Place, said: “There has been a concerted effort from all parties to make sure that we maximise our potential and to ensure that we are selling the undoubted attributes of the area.
“Attracting new investment and supporting existing businesses is more important than ever as we move out of the pandemic and back to recovery.”
Cllr Jim O’Boyle, portfolio holder Jobs, Regeneration and Climate Change at Coventry City Council and CWLEP board director, said: “We continue to be a very attractive proposition for inward investors because of our location, skilled workforce and other attributes including our two leading universities. We’re also ensuring we’re well set to attract further investment – which is why we are working hard to establish a Gigafactory at Coventry Airport.
“Getting a job changes lives – that’s why we work so hard with our partners to land these projects and it’s why we will continue to work with our partners to ensure that Coventry and Warwickshire is at the forefront of investors’ minds.”