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The West Midlands has been recognised as one of Europe’s leading regions for FDI strategy, securing second place in a top European investment awards.
fDi Intelligence’s European Cities and Regions of the Future 2024 report ranks European cities and regions according to their economic, financial, and business strengths.
Around 330 European cities and 141 regions were assessed during the process, with the West Midlands beating stiff competition to second spot in the ‘Large European Regions of the Future – FDI Strategy’ category.
The West Midlands was second only to Paris Region, which will host the 2024 Olympics later this year, with North-Rhine Westphalia coming third.
Official government data affirms the West Midlands’ growing reputation as a global investment destination, emerging last year as the UK’s top regional location for attracting Foreign Direct Investment (FDI) outside London. The region also recorded the highest annual growth rate of all UK locations and a greater volume of foreign investment projects than Scotland and Wales combined.
With 8,252 jobs created by overseas investors in 2022/23– a 48% increase compared to the previous year – the West Midlands also bucked the national trend of a decline in FDI-related jobs.
Notable investors secured in the region over the past five years include global investment bank, Goldman Sachs; professional services firm Accenture, Indian process management provider, Firstsource; advanced manufacturing heavyweight, TVS Motor Company and customer contact solutions provider, Sigma Connected Group. UK-based investors expanding in the region include the country’s leader in cannabis-based medicines, Celadon Pharmaceuticals Plc and landmark TV and film production hub, Digbeth Loc. Studios.
The region’s inward investment strategy was developed by the West Midlands Growth Company (WMGC) – the region’s official investment promotion agency – and continues to be delivered through the organisation’s ‘Global West Midlands’ international programme of activity.
Matt Hammond, Chairman of the West Midlands Growth Company said:“Against an uncertain global macroeconomic backdrop, the West Midlands continues to grow as a hotspot for foreign investment – last year achieving its best-ever FDI figures and securing more projects than Scotland and Wales combined.
“Our Global West Midlands plan looks to build on this track record of delivering for the region’s towns and cities through a portfolio of incentive programmes, market-facing campaigns, and a dedicated international strategy that will further enhance the West Midlands’ reputation on the global stage.”
Andrew Law, Chief Financial Officer at the Birmingham-headquartered Sigma Connected Group added: “Our history is firmly rooted in the West Midlands and we are proud to be a major employer in the region.
“The region is bursting with talented people who want to build long-term careers, not just jobs. It is also an area with exceptional business credentials, unrivalled transport connections, and a track record of growth and innovation. Those are just some of the reasons we remain committed to the region and why investment from both British and foreign firms has continued at such a great pace despite the challenges in recent years.”
