Foreign investment increases during recession |
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| Economy | |
| Written by Paul Williams | |
| Wednesday, 17 June 2009 | |
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Mandelson praises 'fundamental strengths' of UK economy as 35,000 new jobs created.
It has been revealed today that over the past year (2008-2009) five new foreign direct investment projects located to the UK every day. The figures come despite the recession which has ensured international companies are dealing with some of the most difficult economic conditions for generations. The UK maintains its position as the number one destination for foreign investors in Europe, and second in the world, coming in after the US. This year 53 countries have invested in the UK, with investment projects from India increasing by 44% in the past year to become the UK's second largest source - 108 FDI projects. The USA remains the first source of investment – which this year rose by 30% to 621 projects. Other nations providing increased investment into the UK this year were Italy (up 45%), France (up 15%), Canada (up 25%) and The Gulf (up 25%). Business Secretary Lord Mandelson said, “What the UK has to offer is one of the best and most productive investment climates in the world. At a time when companies across the world are tightening their belts and focusing their investment in the sectors and countries where it will bring the most benefit, these results are testament to the fundamental strengths of the UK’s economy and will prove our ability to come through this downturn stronger, and ready for success.” Investments this year created over 35,000 new jobs (over 78,000 jobs created or safeguarded). In the past six years over 215,000 new jobs have been created due to inward investment projects (almost 500,000 jobs created or safeguarded).
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