WALES secured 62 inward investment projects in 2019-20, up from 51 investments in the previous year, creating and safeguarding more than 3,100 jobs across the country.

New statistics published today (10 July) by the UK Department for International Trade show that Wales secured 62 inward investment projects in 2019-20, an increase of 22% on the previous year. This compares with a 4% increase for the UK as a whole.

Overall, the number of new jobs created by overseas investment declined across the whole of the UK but Wales bucked the trend with an 18 per cent increase in the number of new jobs created in comparison with the previous year.

This increase amounted to 2,738 new jobs, while a further 455 jobs were safeguarded. The investments were spread across Wales, with 54% in the south east, 24% in north Wales and 23% in mid and south west Wales.

Of the 62 investments, 24 came from within the EU, 18 from North America and 20 from the rest of the world. In addition, 73 investments were secured from companies headquartered in the UK, creating 2,896 new jobs.

Responding to the statistics, Minister for International Relations, Eluned Morgan said:

“Increasing levels of inward investment to grow the Welsh economy is a key ambition of our international strategy and these figures are testament to the work we’re doing to promote Wales as a place to invest, with around 75% of investments receiving Welsh Government support.

“I am particularly pleased to see a significant proportion of new investments in the cyber security and compound semiconductor sectors, two areas we have chosen to showcase as Welsh centres of excellence in our international strategy.”

Further analysis of the figures shows that compared to other regions of the UK, Wales has secured one of the highest new jobs per project ratios.

The Minister added:

“Wales has secured an average of 44 new jobs per investment, the second highest ratio among the UK regions, demonstrating our commitment to supporting quality investments that create significant employment opportunities for the people of Wales.”

For More Hyperlocal News Stories Click on the Banner
Related Posts
Latest Posts from Wales News Online