The eleven separate foreign investments are expected to
create 359 jobs across the UK – in London, Leeds,
Newcastle and Reading.
These investments – several of which have originated
from growing Latin American and Asian markets,
including Brazil, Argentina and India – are set to have
major benefits for British consumers and businesses.
The investment wins are the result of the Department
for International Trade’s work across its extensive
network of more than 100 countries, demonstrating to
potential foreign investors why the UK continues to be
the best place to build a business.
As well as one of the G20’s lowest corporate tax rates,
DIT provides businesses with assistance in growing a
UK-based workforce, with insights into specific UK
sector markets, and much more at invest.great.gov.uk.
International Trade Secretary, said:
It’s easy to see why the UK is Europe’s top
destination for foreign direct investment. Our
country is home to world leading research and
development capability, as well as a culture of
innovation.
My international economic department has a network of
Trade Commissioners operating across the world,
seeking investment opportunities that will help
create jobs and improve the lives of people in the
UK.
As we celebrate the Lord Mayor’s parade, today’s
announcement is further evidence that the UK is one
of the most attractive places in the world to invest
and demonstrates a vote of confidence in our economy
and our people.
The FinTech announcements come ahead of the
International Trade Secretary’s attendance at the Lord
Mayor’s Show this weekend.
Dr Fox and outgoing Lord Mayor Charles Bowman launched
a new FinTech steering board earlier this year, aiming
to further propel the success of the sector through a
partnership between government, academia and industry.
Some of the investment deals secured include:
-
Globant: Argentine software and digital design
company that has invested £32 million to expand its
ongoing operation in London, creating 140 jobs
-
ThinCI: US company specialising in software for
artificial intelligence products will create a new
site in Leeds, creating 40 jobs
-
Avnet: US electronics company has spent £5 million
to acquire UK-based information technology company
Hanhaa, creating 25 new jobs
Nearly half of Europe’s FinTech ‘unicorns’ are based in
London, with app-only bank Monzo the latest company to
join the list at the end of October, while the Prime
Minister announced £2.3 billion of investment in
FinTech during London Tech Week, creating 1,600 jobs.
London is the focal point of the UK’s tech sector, and
its information and communications technology market -
worth £36 billion - is Europe’s largest. There are over
200,000 digital tech professionals in the capital from
across the globe, as well as world-leading universities
and tech infrastructure.
Total venture capital investment in UK tech companies
since 2016 has surpassed £5 billion, and was more than
Germany, Spain, France and Ireland combined last year.
Dinakar Munagalam, CEO of ThinCI said:
The Department for International Trade was very
helpful guiding us through the unfamiliar regulatory
network for setting up a new venture in the UK. This
assistance allowed up to get establish quickly and
our newly employed engineers and programmers
productive in record time.
What attracted ThinCI to the UK is its talent pool of
engineers and programmers that could immediately
begin providing the chip design and software
development assistance we needed. We found that
talent in Leeds and Kings Langley.
Mundeep Nayyar, managing director of Infotel UK said:
The technology sector in Newcastle upon Tyne is
estimated to be worth almost £1bn and growing more
than twice as fast as the rest of the economy.
With access to leading blue-chip businesses that need
Infotel UK’s services and nearly 25,000 students in
higher education, the City is the ideal location to
find and cultivate new talent and to grow a high-tech
software business.
It’s a perfect storm for investment as we look to
offer more and better solutions to our clients while
maintaining our dedication to quality customer
service and delivery.
Director, Paper Plus, Kaushal Shah said:
We at Paper Plus believe in making sustainability the
new normal for consumers in the UK and over the
world. The expertise and advice of DIT have been a
significant accelerator for our business.
The professional knowledge of our DIT advisors is
phenomenal and it enhances the credibility of the UK
as an excellent place to do business.
Full list of investment deals:
-
Eye Capital: Argentine Fintech company which has
invested £2 million to open a new London office,
creating 10 jobs.
-
LHV Pank: Estonian bank which has invested £1
million to open a new London branch creating seven
jobs.
-
Globant: Argentine software and digital design
company that has invested £32 million to expand its
ongoing operation in London, creating 140 jobs.
-
ThinCI: US company specialising in software for
artificial intelligence products will create a new
site in Leeds, creating 40 jobs.
-
Avnet: US electronics company has spent £5 million
to acquire UK-based information technology company
Hanhaa, creating 25 new jobs.
-
Tradify HQ: NZ-based business organisation software
company have invested £1.2 million to build a new
office in Reading, creating 14 jobs.
-
Infotel: French software company that has invested
£1 million to build new premises in Newcastle,
creating six jobs.
-
Engineer.ai: Global venture capitalists Lakestar,
Jungle Ventures & Softbank’s DeepCore have
announced that they will invest £22.5 million in
this London-based AI company, who will be creating
further jobs in addition to the 50 already created.
-
Aethra: Brazil’s largest autoparts manufacturer has
selected the UK as the location for their new
European subsidiary. Their £30 million investment
will create 10 jobs over the next four years.
-
MKW Engineering: Precision engineering company
which, as part of US-owned Simmons and Company
International, has announced £9.3 million of
investment to secure new premises in North
Tyneside. The company are relocating and
consolidating their operation in the North East and
creating 100 new jobs.
-
Paper Plus: UK companies will find it easier than
ever before to go green, after DIT assisted this
carbon-neutral paper manufacturer to secure £5.5
million of investment from India, expanding their
London operation and creating seven new jobs. The
company has already saved half a million trees in
two years, and will use some of the investment to
fund research into biodegradable food packaging.
