Irwin Mitchell Calls On The UK To Maximise Opportunities From Investment Zones And Freeports

The Office for National Statistics (ONS) has today published the latest foreign direct investment (FDI) statistics, revealing an increase in both inward and outward positions for the UK.

Key highlights from the report include:

• The value of the UK’s inward FDI position increased by £126.8 billion, reaching £2,068.0 billion.
• The outward FDI position saw an even larger increase of £176.4 billion, totalling £1,904.8 billion.
• The UK’s net FDI position (outward less inward) narrowed by £49.7 billion, from negative £212.9 billion in 2021 to negative £163.2 billion in 2022.
• Both outward and inward FDI earnings (profits) rose in 2022, with outward earnings increasing by £51.6 billion and inward earnings by £22.8 billion.
• The financial services sector experienced the largest increase in inward FDI earnings, growing by £8.4 billion.

  Expert Opinion

  “An increase in Foreign Direct Investment is welcome news for the UK and it’s encouraging to see the inward position increase and exceed £2,000 billion.
  
  “London and the financial services sector continue to be a huge magnet for attracting money, but we must leverage the opportunities that exist from our Freeports and Investments Zones. The Devolution Bill mentioned within the King’s Speech will help put other locations on the radar for global investors to consider.
  
  “I’m optimistic this can happen and with the International Investment Summit one week away, the UK must take advantage of this pivotal moment for communicating its strengths to organisations based overseas and attract private funding to help drive sustainable economic growth.”
  Bryan Bletso, Head of International at national law firm Irwin Mitchell

London is set to welcome global industry leaders for the International Investment Summit on October 14, 2024.

This event, organised by the UK government, aims to attract significant investment into the country by showcasing its robust economic potential and innovative capabilities. With up to 300 influential figures in attendance, including the Prime Minister and key Cabinet ministers, the summit will focus on opportunities in technology, sustainability, and advanced manufacturing.

Irwin Mitchell produces a regular report about the attractiveness of the UK to overseas investors. The most recent FDI Attractiveness Index was published in July and the next one is due in November 2024.