International investment into Stoke-on-Trent and Staffordshire has created more than 1,000 jobs in the past year.
The latest figures for 2015/16 released by the Department for International Trade reveal that in the Stoke-on-Trent and Staffordshire Local Enterprise Partnership area there were a total of 18 successful foreign direct investment (FDI) projects which created 1,094 new jobs.
The figures show that the LEP is continuing to build on its strong track record of success in attracting inward investment. In the previous financial year (2014/15) there were 17 foreign investment projects, creating 889 new jobs and safeguarding a further 400 existing jobs. Meanwhile the West Midlands as a whole is performing strongly as the region with the most foreign investment outside London.
More than half of the international investment (56 per cent) was in expanding existing business operations based in Stoke-on-Trent and Staffordshire, with 22 per cent new investments and 22 per cent mergers and acquisitions.
Expansion by existing investors has contributed greatly to the continued FDI success in Stoke-on-Trent and Staffordshire, demonstrating the commitment that major employers, such as Jaguar Land Rover, in South Staffordshire, car components manufacturer Maier, based in Burntwood, crisps and snacks manufacturer Tyrrells, Uttoxeter, and Adams Foods, Leek, have made to the area.
LEP chairman David Frost CBE said the latest figures were yet more proof of the attractiveness of Stoke-on-Trent and Staffordshire as a location for businesses to grow and thrive.
“This is a great part of the country to do business, in a central location with excellent transport links and an enthusiastic, skilled workforce,” Mr Frost commented.
“Our can-do attitude and successful partnership working across the public and private sectors means that we can smooth the path for businesses that are seeking to bring more and better jobs to our area.
“This is also about building long-term relationships so that businesses established in Stoke-on-Trent and Staffordshire remain here and continue to grow, with the help of our comprehensive packages of advice and assistance.”