The inward investment figures were announced at the UK Trade & Investment Business Summit attended by over 100 of the leading overseas owned investors based in the UK.
Nationally, 1,619 foreign investment projects secured 94,346 jobs, a 20% increase from last year when 78,540 jobs were created. The new figures reveal that 32,000 of the jobs were created or safeguarded in the manufacturing sector. The leading investor country was the USA for the second year running, helping to secure 31,566 jobs .
In the East of England, 14,566 jobs were created or safeguarded by 92 projects such as DP World’s London Gateway port project in Thurrock, Essex; Nestor Pharmaceuticals - an Indian-owned manufacturer and exporter of prescription drugs, based in Mildenhall, Suffolk; and Novus Biologicals - a Colorado-based life sciences company who has established its new European distribution hub in Cambridge.
In addition, the region secured 11 research agreements set up between commercial organisations and universities or research institutions across the East of England.
Deborah Cadman, chief executive of the East of England Development Agency (EEDA) said: “These figures confirm that the East of England is a magnet for overseas investors and businesses alike.
“The East of England Inward Investment and Investor Development teams have worked hard to secure and retain foreign investment in our region through their expertise, international networks and detailed regional knowledge. This combined with other business support services in the region make the East of England an ideal location for global enterprises.
“In the past year we have witnessed the openings of several major facilities in the region: Eisai in Hertfordshire, Nestor in Suffolk, Palm Paper in Norfolk and more recently Partner Logistics in Cambridgeshire. At DP World in Essex, we will see another major project develop with an estimated 12,000 jobs created in the next few years. All these demonstrate the breadth and scope of the business community and the long-term nature of inward investment.
“The secret of our continued success includes our transport links to London and the rest of the globe, world-class universities, and the top R&D centre in Europe, which is supported by the largest venture capital funding base in the UK outside London. All these great attributes mean the East of England is rightly known as the UK’s most innovative region.”
Chief Executive of UK Trade & Investment Sir Andrew Cahn said: “Today’s results are a real vote of confidence in the East of England, but we must work harder to continue to attract inward investment in what is a very competitive global marketplace. Overall, inward investment fell by 10 per cent across Europe, but the UK remains the number one destination in Europe for FDI (foreign direct investment). UK Trade & Investment is committed to attracting high quality investment into the East of England, which is so important for the UK’s economic recovery.”
ENDS
Case Study
Company: DP World
Location: Thurrock, Essex
Country of Origin: UAE
Sector: Transportation/Logistics
Description: In January 2010, Dubai-based DP World, one of the world’s largest marine terminal operators, began laying the foundations of a new deep-sea container port in Thurrock, Essex.
The £1.5 billion ‘London Gateway’ project will be one of the most significant infrastructure developments in the UK for 20 years and will generate 12,000 direct new jobs. The 1,500-acre site, which will be one of Europe’s largest combined deep-sea port and logistics parks, will give excellent shipping access and transform the movement of freight around the UK, significantly reducing national road haulage.
Sultan Ahmed Bin Sulayem, Chairman of DP World, said: “When complete, the Essex port will provide the UK with modern, efficient infrastructure, while at the same time reducing CO2 emissions and supply chain costs.”
http://www.dpworld.com/
Case study:
Company: Nestor (UK) Ltd
Location: Suffolk, EoE
Country of Origin: India
Sector: Life Sciences
Description: In 2009, Nestor Pharmaceuticals, an Indian-owned manufacturer and exporter of prescription drugs, decided to expand its UK headquarters, based in Mildenhall, Suffolk.
With business thriving, the company has decided to increase the number of employees from 30 to 100 over the next three years.
Nestor director Kamelesh Patel says: “Our Mildenhall facility gives us access to local manufacturing expertise, flexible packaging solutions and excellent transport links.
Nestor is not only growing its product portfolio, but also increasing its customer base in the UK, Europe and West Africa, which allows us to put further investment into the facility.”
EEDA Invest and UKTI have assisted Nestor with information and relationship building in the UK and India since 2005.
http://www.nestorpharma.com/
Case study:
Company: Novus Biologicals
Location: Cambridge, EoE
Country of Origin: USA
Sector: Life Sciences
Description: In April 2009, Novus Biologicals, a Colorado-based company supplying over 70,000 antibodies and related research products to the scientific community, decided to establish its new European distribution hub in Cambridge.
CFO Todd Padgett said: “We looked at a lot of possible locations in Europe for this new office, but Cambridge was the equal or superior to all in terms of science base and provided better access to our customers.
“We have six partners in the Cambridge area alone and there are others within the biotech cluster that we have been keen to gain access to.
“We also like the cluster of science and research parks in the Cambridge area. These could provide the basis for further growth for Novus as we move forward.”
http://www.novusbio.com/
Further press information from:
Helen Rudd or Charles Arbuthnot
Project PR, Tel: 01473 326405 or 01473 326402
Email: [email protected] or [email protected]
Notes to Editors
East of England Inward Investment is the delivery agent for Inward Investment and Investor Development for the East of England. We provide a single convenient point of contact for companies looking to locate, invest and grow their operations in the East of England – the UK’s most innovative region. We work with UK Trade & Investment and on behalf of the East of England Development Agency.
UK Trade & Investment (UKTI) is the Government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media. You can also keep in touch with developments at UKTI through www.blog.ukti.gov.uk, www.twitter.com/ukti and www.flickr.com/photos/tags/ukti.
The UK Inward Investment 2009/10 Report refers to jobs figures provided by companies. These figures are based on company estimates.
East of England Development Agency (EEDA) is the driving force behind sustainable economic regeneration in the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. Its vision is to create a leading economy, founded on a world-class knowledge base, creativity and enterprise to improve the quality of life for all who live and work here.
For further information on the above organisations visit:
http://www.eedainvest.org.uk/
http://www.uktradeinvest.gov.uk/
http://www.eeda.org.uk/
