The UK won a record 1,431 investment projects from overseas companies in 2006/7, according to figures published by UK Trade & Investment.
This represented a 17 per cent increase and created over 36,000 new jobs. "From Siemens to Amgen, Sega to Airbus, the UK has won projects from world-class overseas companies - proving we can compete on the international stage, despite increasing competition and the challenges of globalisation,” says John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform (that’s the old DTI).
But before we all get too complacent in the idea that the UK is cruising toward a new economic golden age, perhaps we should dwell on the realism of our new Foreign Secretary David Miliband.
"Over the next decade, our economy is expected to grow by roughly 25 per cent, while China and India will triple the size of their economies and boast over 40 per cent of world growth. These are compelling statistics which we ignore at our peril and underline the significant potential for targeted UK engagement in these markets," says Milibrand.
So the message seems to be that economic success will no longer come to us, we have to go and seek it. I suggest that this is a lesson which is already being learnt by the electronics industry in this country.
On the positive side the biggest growth areas for UK inward investment are software and computer services up 82 per cent and life sciences up 37 per cent.
As the minister for trade and investment Sir Digby Jones puts it: "The flexibility of British business is a key strength but we face tough competition and cannot be complacent. This year's growth in financial and business services will boost the UK's knowledge economy, while increased investments in the areas of life sciences, software and computer services and ICT will bring added innovation and creativity to our skills base, helping to maintain our competitive edge."
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