§ Mr. WatersonTo 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 1991–92.
§ Mr. SainsburyMy Department's Invest in Britain Bureau—IBB—announced in its annual report published today that 1991–92 was another good year for inward investment and jobs in the United Kingdom.
Between 1 April 1991 and 31 March 1992, 332 direct investment projects by foreign-owned companies into the United Kingdom were recorded by the IBB. On the basis of information supplied by the companies at the time of the announcement, it is estimated that these projects will create or safeguard over 50,000 jobs.
These results demonstrate, yet again, the attractiveness of this country to foreign investors. It is very pleasing that our lead position within the European Community as a partner to foreign investors has remained despite the world recession.
The results are also evidence of the successful partnership my Department has with many public and private sector organisations involved in the promotion of inward investment both at home and abroad.
I am arranging for a copy of the report to be placed in the House of Commons Library.