Department for International Trade brings in over £16bn in foreign investment since its creation, revitalising UK industries.
The UK’s continued reputation as an attractive place to invest and do business with is helping boost jobs and industry across the country, with new deals worth billions agreed in the last five months.
Since its creation in July, the Department for International Trade (DIT) has helped secure more than £16.3 billion worth of foreign direct investment across the UK in key sectors including property development, infrastructure and renewable energy.
Following a record year for foreign direct investment in 2015/16, when almost 1,600 jobs a week were created through international investments, the new department has helped broker investment safeguarding and creating jobs in sectors from mineral extraction to financial services.
In addition to a series of high profile investments in the UK, with global brands committing to new UK sites, DIT’s work to support new investment often helps the growth of smaller UK firms outside of London:
- DIT helps to create exporting entrepreneurs – the majority (80%) of businesses the department helps to export abroad has fewer than 250 employees.
- Since 2011, 80% of the 712,000 jobs secured or created through foreign investment were outside of London, proving that foreign investment mostly benefits the UK’s regions.
International Trade Secretary Liam Fox said:
“Recent major investments show how much the UK is valued as an innovative business-friendly country, and will continue to be as we leave the EU. But the benefits of foreign investment have much more impact for local communities across the UK, transforming local industry, creating jobs and tackling issues like housing and clean energy.
Britain remains truly open for business, that’s why my department is supporting businesses in the UK and across the world to attract investment to boost our economy. Long-term business investments like these are a clear vote of confidence in the UK and our strong economy post-Brexit.”