Plymouth based companies are attracting millions of pounds of foreign investment creating and securing quality jobs, with more investments on the horizon.
Latest figures sent to the Department for International Trade show the city manufacturing sector, in particular, have been quietly turning the wheels of investment, both in people, skills and technology over the last three years – despite the pandemic and its aftershock on the global economy.
Statistics collated by the Council’s Economic Development team show that across the last three years £231,547,000 worth of foreign investment – mainly from American parent companies – came to city businesses.
All together the investment helped secure 449 new jobs and safeguarded a further 379.
The pipeline for next year looks promising with 16 projects worth £27,300,000 and the creation of 1,022 jobs on the cards. And that figure does not include project investments and job generation for the Plymouth and South Devon Freeport, which is expected to create 1,000 new jobs in the first two years and attract £100 million investment.
Council Leader Richard Bingley said: “These figures show just how important our manufacturing sector is to the city.
“A typical investment project can take a few years to land as a company will keep a close eye on macroeconomics and the global market place before making a final decision. These huge investments are made by global companies who have faith in the knowledge, skills and technology that we can create here in Plymouth.”
One major investment, for instance, was Facebook or Meta as it is now called. The social media giant invested £100m over a few years into Plessey to further develop augmented and virtual reality technologies here in Plymouth. Other major investments include
- Amazon £10m into new distribution centre creating 100 jobs
- Barden £7.4m safeguarding 375 jobs
- Becton Dickinson are investing in a new multi million building.
There are many more but we are not able to give information because of commercial sensitivities.
The Department for International Trade recently published its figures ending March 2022 and the statistics show the number of foreign direct investment was up three per cent with 1,589 projects, bringing with it an economic impact of around £7billion.
Councillor Bingley added: “Plymouth has a sound foreign direct investment base and we have traditionally punched higher than our weight because of our global connections. We are in a great position post-Covid and post-Brexit to build and flourish. We have to grab the opportunities that come our way.”