Birmingham reports 50% jump in foreign investment

Birmingham attracted a 52% increase in foreign direct investment (FDI) projects in 2012/13, with the city securing 41 new projects compared with 27 in 2011/12.

The 41 projects created and safeguarded 4,003 jobs for the city – an increase of 29%. The jobs will boost the local economy by an estimated £174 mln.

Since launching in April 2011, Business Birmingham, the city‘s inward investment programme, has helped to double the number of foreign investment projects coming to the city from 19 in 2010/11 to the 41 reported in today’s analysis.

Neil Rami, CEO of Marketing Birmingham, which operates Business Birmingham said: ‘These results demonstrate that Birmingham has what it takes to win over new foreign direct investment despite tough competition from locations across the globe. Our focus on key sectors and growth markets is beginning to pay dividends. This year we have successfully broadened our international reach, strengthened our relationship with UKTI and developed a stronger network of local partner support.’

The six sectors targeted for investment by Business Birmingham accounted for four in every five investments in 2012/13. They are advanced engineering; business, professional & financial services; digital media; life sciences; food & drink and IT, Electronics and Communications (ITEC). Nearly half (42%) of the city’s investment projects came from the sector advanced engineering.

Business Birmingham recently launched two tools to help investors locate in the city. They include a pilot Mobile Investment Fund, backed by Birmingham City Council, which will provide financial incentives to companies needing additional support to establish a presence in the city and employ local staff. The programme also launched its Business Catalyst programme, which packages together the support on offer from the city for new investors.

Wouter Schuitemaker, investment director of Business Birmingham, said: ‘With the launch of a new Mobile Investment Fund and the Business Catalyst Programme, we are now providing companies with the tools to develop investments here more quickly than in other locations.’

See more on development projects in Birmingham on CityLeaders.