A record year for inward investment was announced by regional development agency Advantage West Midlands today.  The Agency, which is responsible for showcasing the region to overseas business, was directly involved in 44 projects – an increase of 15 per cent on 2006-7 - which saw 2,792 jobs created and 469 safeguarded respectively.

Successful projects involving Advantage West Midlands included the decision by Ericsson, the Swedish telecommunications giant, to set up a research and development facility at Ansty Park, Coventry, moving 650 jobs, and Shanghai Automotive Industry Company creating and safeguarding 350 jobs by establishing the SAIC Motor Technical Centre in Warwickshire.

The region is also attracting small and medium-sized enterprises. In Staffordshire, Dutch mail order company IGO Post launched a new UK headquarters creating 30 new jobs in Burntwood, a decision influenced by the region’s central location and excellent transport links.

In the Black Country, Indian based electrical component manufacturer Victory Electricals acquired Craig and Derricott in Walsall safeguarding 62 jobs.  The company plans to create a further 50 jobs in the coming months.

Nearly half of the Agency’s inward investment projects were attributed to the Bridge to Growth campaign, a “one-stop shop” package of expert tax, legal and business advice specifically designed to attract and assist knowledge-based based innovation-led companies into the region for the first time at minimal cost and risk.

Sixteen companies from Denmark, Norway, Sweden, Finland, the Netherlands, Germany, New Zealand and Australia took advantage of the Bridge to Growth scheme in 2007-08.

Mick Laverty, Chief Executive at Advantage West Midlands, said: “We have always had a strong track record of attracting and retaining business into the region – and I’m delighted that the figures announced today support the vision of the West Midlands growing as a global centre where people and businesses choose to connect.

“Our region is home to around 2,300 foreign-owned enterprises employing around 250,000 people, around one in ten of the region’s workforce. The competition to attract these companies is intense – but our continued work ensures that we provide the right support and conditions to encourage overseas companies to locate here.

“We are proud of our achievements of working with partners to attract and retain major players such as Ericsson and Shanghai Automotive into a region which is at the heart of automotive industry and automotive research and development.

“Our economy is one of reinvention and ingenuity, constantly adapting to changing circumstances and our Bridge to Growth initiative is popular with SMEs overseas who see the West Midlands as a great place to do business.”

Advantage West Midlands is constantly involved in working to secure global investment with companies across the world.