Indian companies invested in 99 projects and created 4,830 jobs in Britain to retain India’s position as the second-largest source of foreign direct investment (FDI) after the US in the past year, according to new UK government figures released on Tuesday.
The Department for International Trade (DIT) inward investment statistics for 2020-2021 reflect the impact of the COVID-19 pandemic and post-Brexit changes as the number of projects and jobs dropped in comparison to the 2019-20 figures of 120 projects and 5,429 jobs. The US data also registered a drop, with its 389 projects and 19,301 new jobs in 2020-21 lower than the 462 projects and 20,131 jobs it had clocked in the previous year.
“The UK economy showed its underlying strengths, attracting investment from around the world. The USA continues to be our biggest investor, with India second,” said the Department for International Trade (DIT).
“France, Germany and Canada all continue to invest strongly in the UK. Meanwhile, Sweden, Switzerland, the Netherlands and South Africa increased the number of FDI projects last year compared to 2019-20,” it added.
According to the data, foreign investment into the UK created 55,319 new jobs across the country last year, with 48,000 of those a result of direct DIT intervention with the investing companies helped with their entry into the UK.
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