India invested in 120 projects and created 5,429 new jobs in the UK to become the second-largest source of foreign direct investment (FDI) after the US in 2019, according to new UK government figures released on Friday.
The Department for International Trade (DIT) inward investment statistics for 2019-2020 found India moving up from its previous third-largest spot, representing an overall 4 per cent FDI increase for the UK on 2018-2019 with 1,852 new inward investment projects in the 2019/2020 financial year.
The US remains the number one source of FDI for the UK, delivering 462 projects and 20,131 jobs, followed by India, Germany, France and China and Hong Kong. Australia and New Zealand were responsible for 72 projects and the Nordic and Baltic region 134, an increase for both regions.
The number of Indian projects at 106, resulting in a job creation figure of 4,858 last year contrasts with 120 projects and 5,429 jobs for this year.
During the Covid-19 crisis, we have been working with India to keep supply chains open and keeping trading routes alive and as we emerge from Covid, it is vitally important we don’t move to protectionism, said UK International Trade Secretary Liz Truss, addressing the annual India Global Week 2020 virtual summit on Friday.
