Official figures from UK Trade & Investment (UKTI) revealed that Wales attracted 79 foreign direct inward investment projects in 2013-14, which created and safeguarded 10,441 jobs, its best performance in the last 24 years.
A breakdown of the results show that Wales secured 46 re-investment projects, up 15% from the previous year, while the 16 new inward investment projects secured represent an increase of 78% from the previous year.
Overall, the total number of projects in Wales increased by almost 20% when compared with the previous year.
Robert Lloyd-Griffiths, director of the Wales Institute of Directors, said: “This is excellent news and bodes well for the economy in Wales.
“I know a lot of members and businesses across the country are exporting and, of course, there will always be challenges but I feel this news provides a definite indication of an improved sense of confidence in the economy, which can only be a positive thing.”
Headline figures revealed that the number of jobs recorded in 2013-14 increased by 40% on the previous year, and that Wales is bucking the UK trend where total jobs numbers for 2013-14 were down 35%. Wales’s share of the UK total jobs increased significantly to 9.38%.
The Welsh Government was directly involved in 89% of all recorded projects associated with 2,726 new jobs and 7,189 safeguarded jobs.
“In 2012-13 we saw a 191% increase in the number of FDI projects attracted to Wales and to improve on that figure and see a significant increase in 2013-14 is quite an achievement,” said First Minister Carwyn Jones.
“These are very positive results and a strong indication that our strategies are paying off, creating and safeguarding jobs and providing on-going opportunities for the people of Wales. We continue to focus efforts on increasing the number of well-paid jobs and inward investment projects.”
The UKTI figures revealed that Canada is one of the top performing destinations for foreign direct investment into the UK. Wales’s First Minister, Carwyn Jones, is meeting senior representatives from high-tech companies in Montreal this month to discuss further investment for Wales.
The post Wales benefits from highest levels of FDI in 24 years appeared first on Wales World Wide.