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Enterprise

West Midlands sees bumper crop of FDI projects

More than 150 new investments came into the region from overseas, making it the most active area outside of London and the South East

The West Midlands continues to be an attractive region for foreign direct investment

The West Midlands has retained its position as the º£½ÇÊÓÆµ's leading region outside London and the South East for attracting foreign direct investment, according to new data.

A total of 157 new foreign direct investment (FDI) projects were recorded in the region during the 2019/20 financial year.

The figures come from the Department for International Trade and represent the strongest performance of all º£½ÇÊÓÆµ regions outside of London and the South East, accounting for eight per cent of the º£½ÇÊÓÆµ's total projects.

The number of new, associated jobs created totalled 3,883 and 2,220 additional jobs were safeguarded in the West Midlands, the analysis suggests.

The leading sectors for attracting investment into the region were advanced manufacturing, automotive, software and computer services and business and consumer services.

Notable investment projects here included Indian IT company Microland creating a European HQ in Birmingham.

Matt Hammond, chairman of inward investment agency the West Midlands Growth Company, said: "The latest figures from the Department for International Trade reinforce the West Midlands as one of the º£½ÇÊÓÆµ's most important regions to drive economic growth.