Record figures show investor confidence in region boosted

14/07/2010

The global economic downturn has failed to dampen Yorkshire and Humber’s position as a leading location for foreign investment, with the latest figures showing the region attracted a record 147 overseas investors in the last 12 months, the highest ever.

Yorkshire Forward and local authority partners were directly involved in 60% of the investments, some of the largest the region has seen in recent years, creating or safeguarding over 3,000 jobs and attracting over £165m of private-sector investment.

The United States was the region’s top investor for the second year, followed closely by Japan and Germany. And despite challenging trading conditions, the Advanced Engineering, food and drink and enviromental technologies sectors remained the top sectors for investment in the region.

“Despite the global downturn, it is clear that the Yorkshire and Humber offer has continued to attract national and international major investments from world-class industry names, with the highest rates of investment into the region in the last decade. These investments have created and safeguarded thousands of high value jobs, particularly in advanced technology, which puts the region at the forefront of development in key growth sectors.” said Theresa Lindsay, Assistant Director of Business at Yorkshire Forward.

She added: “In a climate where businesses, now more than ever, are balancing the need for capital investment against the uncertainties of the global economy, the results endorse the strength of our region as the place to do business.”

“Every £1 spent on overseas activity is delivering well over £11 of basic tax revenue to the Government, and this figure increases significantly if you take into consideration the revenue from additional spending into the economy that is created from new jobs”.

Investments range from Rolls-Royce, which has chosen to build its civil nuclear facility in South Yorkshire at the Yorkshire Forward supported Advanced Manufacturing Park (AMP) in Rotherham, to investments from Sandvik Medical, in spending £7.5m on developing the Sandvik European Centre of Excellence in Sheffield, and Mitsubishi Heavy Industries’ service division, positioning its European headquarters in Leeds.

Yorkshire Forward has also supported the proposal for the £25m purpose-built development and demonstration facility at BP’s Saltend site, near Hull, a joint venture between BP and DuPont, operating as Kingston Research Limited (KRL).  The cutting-edge facility will focus on the commercialisation of the advanced biofuel technology biobutanol. This investment further enhances the Yorkshire and Humbers reputation for attracting vital R&D operations, particularly in developing a low-carbon economy.

According to the 2009/10 figures, South Yorkshire has proved the most popular location for investment, attracting 43% of the total business investments. North Yorkshire  9%, West Yorkshire 33% with the Humber attracting 23%.

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