Strong Year for Inward Investment in the Humber

East Yorkshire and the Humber have enjoyed a strong 12 months of overseas investment according to figures released today.

East Yorkshire and the Humber have enjoyed a strong 12 months of overseas investment according to figures released today.

Fourteen foreign owned companies have chosen to locate or expand their operations by investing in the UK  with the support of Yorkshire Forward and local authority partners, contributing to a regional record of 124 investments – an all time high.

The region’s growing reputation as a centre for Research and Development has also been reinforced with the attraction of 19 international research and collaborations.

East Yorkshire and the Humber has been most attractive to investors from emerging markets in China and Japan, with almost half the investments coming from this part of the world.  Manufacturing remains the most prevalent industry, with companies like Icelandic owned Seachill expanding their operations in Grimsby.  The chilled fish company has recently invested £1m in the expansion of its factory, which employs 550 people.  They worked with Yorkshire Forward to secure a £60,000 grant that has allowed them to invest in new technologies for fish processing.

But despite the high numbers of overseas companies attracted to East Yorkshire and the Humber, Yorkshire Forward’s head of marketing and business development Theresa Lindsay argues that the agency’s main focus in securing foreign UK investment is quality not just quantity – with a strong focus on knowledge driven, innovative companies.

"Attracting high quality investment is vital to our regional economy, and this year has seen a significant increase in investments from companies investing heavily in R&D and high tech products and services, creating the jobs and opportunities that will ensure we can meet the challenges of a globalised economy," says Lindsay.
 
She also argues that this strong performance is to be welcomed considering current concerns around global markets and that these figures again demonstrate that the Yorkshire and Humber economy is well placed to weather any economic storms.

"Despite current concerns there is no shortage of interest in investment in East Yorkshire and the Humber and we are attracting companies in the face of stiff global competition.

"Over forty percent of the region’s largest companies are foreign owned, so winning increasing levels of expansion projects against stiff international competition, particularly in the current economic climate, is a real endorsement of the strength of our regional economy and our investor development programme," said Lindsay.

Yorkshire Forward
•    Yorkshire Forward is the Regional Development Agency behind the economic regeneration of Yorkshire and Humber. It aims to make a positive difference by investing in jobs, improving towns and cities, and in supporting businesses throughout the region.
•    Over the past year, Yorkshire Forward has created and safeguarded more than 27,000 new jobs; helped create and attract more than 1,100 new businesses, provided nearly 66,000 learning opportunities and attracted more than £333 million private sector finance - achieving or exceeding all of the targets it was set.
•    Yorkshire Forward’s investment across the region is maximised by attracting European Regional Development Funding from the Objective One and Two programmes.

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