Thousands thank foreign investors
OVERSEAS investment created or safeguarded almost 6,673 jobs in the North-east over the last year, it was announced today.
Across the region almost 2,900 jobs were created and just under 3,800 safeguarded by 68 projects such as arrival of Lotte UK on Teesside - according to figures from UK Trade & Investment.
The subsidiary of Korean giants Lotte Group took over the former Artenius plant at Wilton earlier this year with the help of a £1.8m Grant for Business Investment from regional development agency One North East.
Artenius, fell into administration last year with the loss of more than 250.
The arrival of Lotte has created 132 new jobs and safeguarded a further 43.
Meanwhile global engineering and construction provider Aker Solutions is recruiting up to 100 new staff in the Tees Valley, to service its rapidly growing customer base.
The inward investment figures were announced at the UK Trade & Investment Business Summit attended by more 100 of the UK’s leading investors.
Nationally, 94,346 jobs have been created or safeguarded as a result of direct foreign investment in UK, up by almost 16,000 on the previous year.
Around 82% of all the inward investment that came into the North-east in 2009/10 came through the Inward Investment team at One North East.
It is anticipated these investments will lever in capital expenditure of just over £723m by the investing companies – over £520m more than 2008/09.
One North East’s head of business investment, Dr Simon Goon, said: “It has been an extremely successful year for the Inward Investment and Aftercare team with a succession of large-scale announcements from companies attracted to the North-east.
“We have had notable successes in the fields of healthcare, life sciences and creative industries and by putting the renewable energy and the low carbon agenda at the heart of our economic development plans we have created a green energy hub.”
Other successes in the region have included Nissan’s announcement to build its new electric car in Sunderland from 2013.
Speaking at the UKTI summit Prime Minster David Cameron said the Government had put the UK’s ability to attract and retain inward investment at the heart of its economic recovery plans.
“Attracting and retaining inward investment is hugely important for our economic recovery,” he said.
“We want Britain to be a place where companies can grow and succeed.”
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