UK automotive sector investment to create 500 new jobs
(2 minutes to read)
Contractors working within the automotive sector will be interested to learn that a £130 million international investment will lead to four new plants across the country.
Investment Minister Graham Stuart welcomed the news of the £130 million Foreign Direct Investment into the UK automotive sector, creating nearly 500 jobs.
The news comes following a report from EY which found that the UK remains the number one destination for FDI in Europe in 2017 to 2018.
As the UK forms its own trade and investment policy for the first time in 4 decades, this marks the latest boost for a sector which exported £41.3 billion of products, including 1,340 000 vehicles, in 2017 – up from £37.8 million on 2016 – to over 160 international markets. According to SMMT, more than 137,000 new vehicles rolled off the UK’s production line this May.
Minister for Investment, Graham Stuart, commented, “The opening of these 4 new plants is a fantastic example of investment pouring into the UK from around the world, which I witnessed in Oldbury. This is a clear sign of confidence in the strength of the UK’s automotive sector, which remains one of the most competitive in the world.
“As an international economic department, this is an excellent example of the work that DIT – with its sector-specific expertise and capability – is doing to create jobs and prosperity for communities up and down the country.”
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