The government has announced hundreds of high-tech jobs will be created from overseas investment into the UK’s FinTech, information technology and advanced engineering sectors.
The eleven separate foreign investments are expected to create 359 jobs across the UK – in London, Leeds, Newcastle and Reading.
These investments – several of which have originated from growing Latin American and Asian markets, including Brazil, Argentina and India – are set to have major benefits for British consumers and businesses.
The investment wins are the result of the Department for International Trade’s (DIT) work across its network of more than 100 countries, demonstrating to potential foreign investors why the UK continues to be the best place to build a business.
As well as one of the G20’s lowest corporate tax rates, DIT provides businesses with assistance in growing a UK-based workforce, with insights into specific UK sector markets, and much more at invest.great.gov.uk.
Commenting, International Trade Secretary, Dr Liam Fox said: “It’s easy to see why the UK is Europe’s top destination for foreign direct investment. Our country is home to world leading research and development capability, as well as a culture of innovation.
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“My international economic department has a network of Trade Commissioners operating across the world, seeking investment opportunities that will help create jobs and improve the lives of people in the UK.”
Total venture capital investment in UK tech companies since 2016 has surpassed £5bn, and was more than Germany, Spain, France and Ireland combined last year.
Dinakar Munagalam, CEO of ThinCI, said: “What attracted ThinCI to the UK is its talent pool of engineers and programmers that could immediately begin providing the chip design and software development assistance we needed. We found that talent in Leeds and Kings Langley.”
Mundeep Nayyar, managing director of Infotel UK, agreed: “The technology sector in Newcastle upon Tyne is estimated to be worth almost £1bn and growing more than twice as fast as the rest of the economy.
“With access to leading blue-chip businesses that need Infotel UK’s services and nearly 25,000 students in higher education, the City is the ideal location to find and cultivate new talent and to grow a high-tech software business. It’s a perfect storm for investment as we look to offer more and better solutions to our clients while maintaining our dedication to quality customer service and delivery.”