HC Deb 21 July 1994 vol 247 cc533-4W
Mr. Elletson

To ask the President of the Board of Trade if he will make a statement on the United Kingdom's performance in attracting internationally mobile investment projects in 1993–94.

Mr. Heseltine

My Department's Invest in Britain Bureau announced in its annual report published today that 1993–4 was another very successful year for attracting inward investment into the United Kingdom.

Some 404 direct investment projects were recorded by the IBB for the period 1 April 1993 to 31 March 1994. This is an increase of 101 projects over the previous year's recorded figures and demonstrates quite clearly just how attractive the United Kingdom continues to be to overseas investors. It is also worth noting that, based on information supplied at the time of the announcements, 28,727 new jobs are expected to be created—an increase of 12,009 over last year's figures—out of a total of 96,009 jobs linked to the 404 projects.

These results provide strong evidence that, despite ever-increasing competition from elsewhere in the European Community, the United Kingdom has retained its No. 1 spot in Europe for attracting inward investment.

The results are also an indication of the effective partnership that the Invest in Britain Burea has with the many public and private sector organisations involved in the promotion of inward investment at home and, along with colleagues in the overseas posts of the Foreign and Commonwealth Office, in existing and emerging markets abroad.

I am arranging for a copy of the report to be placed in the House of Commons Library.