Investment in Greater Lincolnshire by foreign companies more than tripled in 2018/19 and created almost 400 new jobs.
Investment in Greater Lincolnshire by foreign companies more than tripled in 2018/19 and created almost 400 new jobs.
Figures released by the Department for International Trade (DIT) show that foreign-owned companies invested £456,280,000 into Greater Lincolnshire in 2018/19, an increase of more than 200% on the previous year.
In all 20 separate investments were made in Greater Lincolnshire, which was 25% higher than the previous year. Through these investments 392 new jobs were created and 37 jobs safeguarded.
Investment came from all over the world, including Brazil, Japan and South Africa, while eight were from companies owned in the USA or Germany.
Many of these investments were supported by the Greater Lincolnshire Local Enterprise Partnership which works closely with councils and the DIT to offer local, regional, national and international support to businesses.
While other parts of the Midlands Engine have experienced a reduction in the number of projects and new jobs created, Greater Lincolnshire is one of the few areas to have bucked the UK trend and witnessed a growth in the number of projects.
The area has also been able to maintain a healthy number of new jobs generated by foreign direct investment (FDI) last year, according to the Department for International Trade’s (DIT) latest figures.
“This proactive programme of free support to businesses has helped the number of foreign investments to increase by 50% over the last five years,” said Karen Seal, Senior Growth Officer at the Greater Lincolnshire LEP.
“Almost one-fifth of the new jobs created pay salaries of over £25,000 and 7% of them are in the high salary bracket of over £35,000 a year. We are seeing more companies investing heavily in automation and technology to boost production and create efficiency savings, and therefore, requiring highly skilled engineers and technicians to maintain equipment.
“The figures are also a reflection of the LEP's drive to increase skill levels by working closely with the universities and colleges and by leading initiatives such as The World of Work, Skills Support to the Workforce and the Enterprise Adviser Network.”
Ursula Lidbetter OBE, Chair of the Greater Lincolnshire LEP, added: “These latest results from DIT represent a huge vote of confidence and optimism in Greater Lincolnshire. They indicate significant progress in Greater Lincolnshire's own objective of boosting economic performance.
“Innovative, ambitious firms from across the world are choosing to locate and expand here, citing the area’s accessibility, talent pool, affordable space and vibrant business community.
“Through investment into key redevelopment projects, regeneration schemes and Team Lincolnshire, we are building a Greater Lincolnshire where people and businesses can thrive.
“I am particularly pleased to see private-sector investment into agri-food, advanced manufacturing and the clean growth sector from the Humber to the Wash.”
Businesses that have invested in Greater Lincolnshire in the past year are predominately in the agrifood, advanced manufacturing and renewables sectors. Among those investing are:
- Irish company Annyalla Chicks has invested further in a 14-acre site at Butterwick near Boston, where it has opened a state-of-the-art hatchery.
- American-owned Bright Lite Structures, an innovative company which works predominately in the automotive and aerospace industry, has invested 300k in new premises in Stamford. This new venture will create 17 new jobs over the next three years.
- Leonardo, an Italian-owned leader in electronics warfare and education, has invested more than £2 million in a new training academy which will educate the technical specialists in cyber and electromagnetic activities.
- Lincoln's largest employer Siemens continued it growth by opening its Global Service Operation Centre and creating 19 new jobs.
The number of mergers and acquisitions by foreign-owned firms also rose to its highest level since 2014/15. This includes PepsiCo's investment into Pipers Crisps, Hewlett Packard acquiring Apogee and Quotient Technology's purchase of Elevaate.
Three-quarters of the acquisitions were made by parent companies in the USA while a quarter were made by German-owned firms.
“We are currently working with more than 90 foreign-owned businesses and helping companies with their expansion plans,” said Karen.
“Work is also continuing to attract new inward investments into the area and to promote Greater Lincolnshire as the place to live, work and invest.”
If you are a foreign-owned business (minimum of 10% investment by a foreign investor) and you would like to benefit from the Greater Lincolnshire Local Enterprise Partnership's business support programme, please get in touch with Karen Seal, Senior Growth Officer, by emailing karen.seal@lincolnshire.gov.uk or calling 01522 552812.
