India slips to be 4th largest investor into UK

LONDON: India has slipped by one spot to become the fourth-largest foreign investor into the UK, according to the official figures released here today.

The US remains on the top, investing in 577 projects in the UK, with China (including Hong Kong) remaining in second place with 160 projects.

India set up 127 new projects in Britain last year and safeguarded 7,645 existing jobs as a result and created 3,999 new jobs in 2016-17, it said.

However, it lost its position as the third largest investor in the UK to France which set up 131 projects last year, according to the data.

India shares the fourth spot with Australia and New Zealand, which also set up 127 projects collectively.

"Almost one year on since the EU referendum, the UK continues to attract record levels of inward investment and remains extremely attractive to foreign investors," said Dr Liam Fox, Minister for International Trade.

"As an international economic department, we continue to promote the strengths of the UK as a great inward investment destination, with an open, liberal economy, world-class talent and business-friendly taxation," he said.

Figures published by the Department for International Trade revealed that the UK attracted more Foreign Direct Investment (FDI) projects than ever before for 2016-17.

With more than 2,200 projects recorded, the post-Brexit figures show an increase of two per cent on the previous year.

The data also shows that 75,226 new jobs were created, and 32,672 safeguarded, amounting to over 2,000 jobs per week across the country.

Overall, the UK claims the number one destination for inward investment in Europe, with the technology, renewable energy, life sciences and creative industries all seeing an increase in the number of projects.