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07/07/2004
UK tops Euro league for foreign investment
The UK attracted the most foreign investment in Europe last year and inward investment rose by 14%, according to figures out today.
The figures, published by UK Trade & Investment, the government's trade and inward investment operation, found that investment and expansion projects by overseas companies created more than 25,000 jobs in 2003/4, with the number of projects rising from 709 to 811.
Almost one third of the projects were in manufacturing. Other sectors with growing investment included IT, software, electronics and biotechnology/pharmaceuticals.
The figures are supported by a study published by consultants Ernst and Young in May 2004, which also found that: the UK is the top European investment location for research, development, headquarters operations, software, electronics, pharmaceuticals, financial services and telecommunications, including call centres; and the UK won 23% of investment into Europe in 2003, compared to 19% in 2002.
Trade and Industry Secretary Patricia Hewitt said the figures show the UK was "a great place to do business".
"Our competitive advantage comes from the economic stability built by the government, the skill of our workers and our strong IT and telecoms infrastructure," she said.
"Whether in manufacturing, services or the sciences the way to compete in the global marketplace is to keep improving people's education and skills. We should not fear the growth of other economies or seek to compete with low wage economies for low wage work."
(gmcg)
The figures, published by UK Trade & Investment, the government's trade and inward investment operation, found that investment and expansion projects by overseas companies created more than 25,000 jobs in 2003/4, with the number of projects rising from 709 to 811.
Almost one third of the projects were in manufacturing. Other sectors with growing investment included IT, software, electronics and biotechnology/pharmaceuticals.
The figures are supported by a study published by consultants Ernst and Young in May 2004, which also found that: the UK is the top European investment location for research, development, headquarters operations, software, electronics, pharmaceuticals, financial services and telecommunications, including call centres; and the UK won 23% of investment into Europe in 2003, compared to 19% in 2002.
Trade and Industry Secretary Patricia Hewitt said the figures show the UK was "a great place to do business".
"Our competitive advantage comes from the economic stability built by the government, the skill of our workers and our strong IT and telecoms infrastructure," she said.
"Whether in manufacturing, services or the sciences the way to compete in the global marketplace is to keep improving people's education and skills. We should not fear the growth of other economies or seek to compete with low wage economies for low wage work."
(gmcg)
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