Cambridge is ranked in eighth place in a list of leading UK cities attracting Foreign Direct Investment (FDI), according to EY’s latest UK Attractiveness Survey.
Cambridge ranked 8th most important UK city for attracting foreign investment
Cambridge was the best performing location in East Anglia, attracting eight investment projects to the city in 2013. East Anglia saw over 30% increase in the number of investment projects compared to the previous year, going from 20 (2012) to 30 (2013).
The region also saw an increase in the number of jobs created by foreign investment (1,230) – the highest employment figures created by FDI in the region since 2006.
Cathy Taylor, EY’s senior partner in Cambridge (pictured), says: “The region is performing well against fierce competition for investment between the rest of the UK and wider Europe, being one of the few UK regions not to see a decline in projects.
“Cambridge continues to prove itself as an attractive destination for foreign investors being listed as one of the leading UK cities for FDI, further demonstrating how globally connected Cambridge is and the overall importance of the region on a global scale.”
Origins of investment
East Anglia secured the majority of its project successes from the US but the region saw significant investment from Germany, France, Australia and Malaysia.
Of the eight projects in Cambridge, three of these investments originated from the US.
Sectors generating investment
The number of investment projects seen in East Anglia in 2013 was driven by the pharmaceuticals and automotive sector.
The investments made in the automotive sector made up 75% of the employment figures announced by FDI projects in 2013.
Taylor concludes: “Pharmaceutical companies, AstraZeneca, Johnson & Johnson and Takeda, all announced investments in Cambridge last year, demonstrating the pull of the city as a vibrant technology hotspot.
“Looking forward, the cyber security sector provides a real opportunity for the region to re-establish itself at the forefront of the industry and Cambridge has already seen significant investment with Cambridge University being recognised by the Government as an academic centre of excellence in cyber security.”
EY is a global leader in assurance, tax, transaction and advisory services. With over 400 employees in our Cambridge and Luton offices, our teams provide a range of services to a variety of sectors, including manufacturing, life sciences, consumer products and retail, technology, real estate and construction, health, and the public sector. The broad array of companies across the East allows us to bring real, relevant and key insights to our clients.