Foreign direct investment in Greater Manchester created thousands of new jobs across the city-region, according to the latest government statistics published earlier in June 2023.
The Department for Business and Trade Inward Investment Results for 2022-2023 revealed that the city-region attracted 76 projects from international businesses, creating over 3,800 jobs and cemented Greater Manchester’s place as one of the leading UK destinations for foreign direct investment.
Mayor of Greater Manchester, Andy Burnham, said:
“Greater Manchester is increasingly seen as an attractive destination by international investors. Our city-region has much to offer – we’re the fastest-growing digital and tech hub in Europe, with a proud history of innovation and emerging strengths in green industries. Foreign direct investment is vital to Greater Manchester’s economy, creating jobs and new opportunities for local businesses to trade.
“These results also highlight the importance of the US as a source for inward investment. Earlier this year, Cllr Bev Craig and I led a mission to North Carolina, South by Southwest festival and New York City. Our efforts to strengthen those links continue and we want to further boost trade, investment and tourism.”
Cllr Bev Craig, Leader of Manchester City Council and Greater Manchester Combined Authority portfolio lead for Economy and Business, said:
“These figures demonstrate that our concerted efforts on a global stage to promote Manchester and Greater Manchester as a place to invest in and do business are delivering results, creating jobs and opportunities for our residents.
“It is particularly gratifying to see the United States, where many of those efforts have been focused, so well represented among investors demonstrating their belief in – and excitement about – what we have to offer.
“This vote of confidence in globally uncertain times underlines the strength and diversity of our economy. They could be choosing to invest anywhere – they are choosing here.”
Results follow positive data from EY’s UK Attractiveness Survey in which Manchester remains the leading city for FDI in the UK outside of London. Greater Manchester, the UK’s largest city-region outside the capital with an economy worth around £78.7 billion, has also bucked the overall national trend, increasing its foreign direct investment since 2018 despite levels falling nationally.
Lou Cordwell OBE, Chair of Greater Manchester Business Board (LEP), added:
“Greater Manchester continues to be an attractive destination for inward investors, with 76 investments from international companies creating nearly 4,000 jobs. Our city-region has a strong offer when it comes to the key criteria investors consider – access to a skilled workforce, regional, national and international connectivity, and strong local business networks and partnerships.
“It’s fantastic to see Greater Manchester competing on a global scale. This success is underpinned by, and testament to, our compelling Economic Vision for a greener, fairer and more prosperous city-region, one where businesses from all parts of the world can thrive.”
Joe Manning, Managing Director of MIDAS, Greater Manchester’s Inward Investment Agency commented:
“Foreign owned companies are worth a total of £37billion to Greater Manchester’s economy, employing approximately 172,000 people. This economic growth has been driven by its depth of expertise, green ambitions and well-established ecosystem that continues to attract international investors.
“We’re thrilled to see the city-region maintain its global competitive edge as we continue to raise our profile internationally.”
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