DBT inward investment results 2023 to 2024 (HTML version)
Published 27 June 2024
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Foreign direct investment (FDI) highlights
During the 2023 to 2024 financial year: 1,555 FDI projects landed in the UK.
71,478 new jobs were created in the UK through FDI.
11,613 existing jobs in the UK were safeguarded through FDI.
Source: Department for Business and Trade.
FDI projects
Figure 1: Number of FDI projects which landed in the UK between 2018 to 2019 and 2023 to 2024
In 2023 to 2024, 1,555 FDI projects landed in the UK.
| Financial Year | FDI projects |
|---|---|
| 2018 to 2019 | 1,782 |
| 2019 to 2020 | 1,852 |
| 2020 to 2021 | 1,538 |
| 2021 to 2022 | 1,589 |
| 2022 to 2023 | 1,654 |
| 2023 to 2024 | 1,555 |
Source: Department for Business and Trade.
Between 2022 to 2023 and 2023 to 2024, the number of FDI projects which landed in the UK decreased by 6%.
See the technical annex via the DBT inward investment results 2023 to 2024 landing page for details on definitions, methodology and interpreting % changes.
DBT support for FDI projects
Figure 2: Number of DBT-supported FDI projects which landed in the UK between 2018 to 2019 and 2023 to 2024
DBT supported 1,018 of the FDI projects which landed in the UK in 2023 to 2024.
| Financial Year | DBT-supported FDI projects | FDI projects without DBT support | Total FDI Projects |
|---|---|---|---|
| 2018 to 2019 | 1,436 | 346 | 1,782 |
| 2019 to 2020 | 1,449 | 403 | 1,852 |
| 2020 to 2021 | 1,131 | 407 | 1,538 |
| 2021 to 2022 | 1,174 | 415 | 1,589 |
| 2022 to 2023 | 1,083 | 571 | 1,654 |
| 2023 to 2024 | 1,018 | 537 | 1,555 |
Source: Department for Business and Trade.
Figure 3: Percentage that DBT-supported FDI projects make of all FDI between 2018 to 2019 and 2023 to 2024
65% of FDI projects which landed in the UK in 2023 to 2024 were supported by DBT.
| Financial Year | DBT-supported FDI projects | FDI projects without DBT support | Total |
|---|---|---|---|
| 2018 to 2019 | 81% | 19% | 100% |
| 2019 to 2020 | 78% | 22% | 100% |
| 2020 to 2021 | 74% | 26% | 100% |
| 2021 to 2022 | 74% | 26% | 100% |
| 2022 to 2023 | 65% | 35% | 100% |
| 2023 to 2024 | 65% | 35% | 100% |
Source: Department for Business and Trade.
The estimated total economic impact of the DBT-supported FDI projects which landed in 2023 to 2024 was £5,757 million. See the technical annex via the inward investment results landing page for details and methodology.
New and existing investors
Figure 4: Number of FDI projects from new and existing UK investors which landed in the UK between 2018 to 2019 and 2023 to 2024
611 of the FDI projects that landed in the UK in 2023 to 2024 were from new investors.
| Financial Year | FDI projects from new investors | FDI projects from existing investors | Total FDI Projects |
|---|---|---|---|
| 2018 to 2019 | 730 | 1,052 | 1,782 |
| 2019 to 2020 | 756 | 1,096 | 1,852 |
| 2020 to 2021 | 596 | 942 | 1,538 |
| 2021 to 2022 | 596 | 993 | 1,589 |
| 2022 to 2023 | 711 | 943 | 1,654 |
| 2023 to 2024 | 611 | 944 | 1,555 |
Source: Department for Business and Trade.
Figure 5: Percentage that FDI projects from new and existing UK investors made of all FDI which landed between 2018 to 2019 and 2023 to 2024
39% of the FDI projects that landed in the UK in 2023 to 2024 were from new investors.
| Financial Year | FDI projects from new investors | FDI projects from existing investors | Total |
|---|---|---|---|
| 2018 to 2019 | 41% | 59% | 100% |
| 2019 to 2020 | 41% | 59% | 100% |
| 2020 to 2021 | 39% | 61% | 100% |
| 2021 to 2022 | 38% | 62% | 100% |
| 2022 to 2023 | 43% | 57% | 100% |
| 2023 to 2024 | 39% | 61% | 100% |
Source: Department for Business and Trade.
Types of FDI
Figure 6: Number of the 3 types of the FDI projects which landed in the UK between 2018 to 2019 and 2023 to 2024
1,023 of the FDI projects that landed in the UK in 2023 to 2024 were new investment projects.
| Financial Year | New investment | Expansions (including retentions) | Mergers and acquisitions (including joint ventures) | Total FDI projects |
|---|---|---|---|---|
| 2018 to 2019 | 1,035 | 554 | 193 | 1,782 |
| 2019 to 2020 | 1,153 | 504 | 195 | 1,852 |
| 2020 to 2021 | 888 | 477 | 173 | 1,538 |
| 2021 to 2022 | 907 | 466 | 216 | 1,589 |
| 2022 to 2023 | 1,048 | 407 | 199 | 1,654 |
| 2023 to 2024 | 1,023 | 357 | 175 | 1,555 |
Source: Department for Business and Trade.
Between 2022 to 2023 and 2023 to 2024, the number of the 3 types of the FDI projects which landed in the UK:
- decreased by 2% for new investment projects
- decreased by 12% for expansion projects (including retentions)
- decreased by 12% for mergers and acquisitions (including joint ventures)
New and safeguarded jobs
Figure 7: Number of new jobs created and existing jobs safeguarded through FDI projects which landed in the UK between 2018 to 2019 and 2023 to 2024
71,478 new jobs were created and 11,613 existing jobs were safeguarded in the UK by FDI projects.
| Financial Year | Jobs created by FDI projects | Jobs safeguarded by FDI projects |
|---|---|---|
| 2018 to 2019 | 57,625 | 6,998 |
| 2019 to 2020 | 56,117 | 9,021 |
| 2020 to 2021 | 55,319 | 18,187 |
| 2021 to 2022 | 84,759 | 7,765 |
| 2022 to 2023 | 79,549 | 6,646 |
| 2023 to 2024 | 71,478 | 11,613 |
Source: Department for Business and Trade.
Between 2022 to 2023 and 2023 to 2024, the number of new jobs created through FDI projects which landed in the UK decreased by 10% and the number of existing jobs safeguarded through FDI which landed in the UK increased by 75%.
FDI projects and jobs in 2023 to 2024 by UK region
Figure 8: Number of FDI projects and the jobs created and safeguarded through them in 2023 to 2024, by UK region
West Midlands and the South East saw the most FDI projects created outside London, with the West Midlands also seeing the most jobs created outside of London.
| Region | FDI projects | Jobs created by FDI projects | Jobs safeguarded by FDI projects |
|---|---|---|---|
| North East | 67 | 4,296 | 334 |
| North West | 128 | 5,097 | c |
| Yorkshire and The Humber | 107 | 3,732 | c |
| East Midlands | 73 | 2,701 | c |
| West Midlands | 133 | 7,581 | c |
| East of England | 79 | 5,045 | 707 |
| London | 503 | 19,736 | c |
| South East | 133 | 4,405 | c |
| South West | 72 | 2,190 | c |
| Scotland | 125 | 4,035 | 2,307 |
| Wales | 53 | 1,904 | 1,864 |
| Northern Ireland | 24 | 1,572 | c |
Source: Department for Business and Trade.
c: Indicates data is disclosive.
Note: 58 multiple location projects associated with 9,184 new jobs and [c] safeguarded jobs are not included.
FDI projects and jobs in 2023 to 2024 by Local Enterprise Partnership
Figure 9: Number of FDI projects and the jobs created and safeguarded through them in 2023 to 2024, by Local Enterprise Partnership
Of Local Enterprise Partnerships in England, Greater Manchester and Greater Birmingham and Solihull saw the most FDI projects and jobs created, respectively.
| Local Enterprise Partnership | Single-sited FDI projects | Jobs created by FDI projects | Jobs safeguarded by FDI projects |
|---|---|---|---|
| Berkshire | 26 | 399 | c |
| Black Country | c | c | c |
| Buckinghamshire | c | c | c |
| Cheshire and Warrington | 19 | 844 | c |
| Coast to Capital | c | c | c |
| Cornwall and Isles of Scilly | c | c | c |
| Coventry and Warwickshire | 44 | 2,161 | c |
| Cumbria | c | c | c |
| Derby, Derbyshire, Nottingham and Nottinghamshire | 27 | 1,499 | c |
| Dorset | c | c | c |
| Enterprise M3 | 24 | 815 | c |
| Gloucestershire | c | c | c |
| Greater Birmingham and Solihull | 59 | 4,963 | c |
| Greater Cambridge and Greater Peterborough | 26 | 1,693 | c |
| Greater Lincolnshire | c | c | c |
| Greater Manchester | 61 | 3,493 | c |
| Heart of the South West | 18 | 446 | c |
| Hertfordshire | 20 | 483 | c |
| Hull and East Yorkshire | 11 | 841 | c |
| Lancashire | c | c | c |
| Leeds City Region | 52 | 1,594 | c |
| Leicester and Leicestershire | 21 | 710 | c |
| Liverpool City Region | 30 | 561 | c |
| New Anglia | 14 | 516 | c |
| North East | c | c | c |
| Oxfordshire | 36 | 777 | c |
| Solent | c | c | c |
| South East | 21 | 1,201 | c |
| South East Midlands | 30 | 3,010 | c |
| South Yorkshire | 27 | 754 | c |
| Stoke-on-Trent and Staffordshire | c | c | c |
| Swindon and Wiltshire | c | c | c |
| Tees Valley | 14 | 2,288 | c |
| The Marches | 16 | 190 | c |
| West of England | 24 | 1,112 | c |
| Worcestershire | c | c | c |
| York and North Yorkshire | c | c | c |
Source: Department for Business and Trade.
c: Indicates data is disclosive.
Note: 62 multiple location projects associated with 9,232 new jobs and [c] safeguarded jobs are not included. Some local authority districts can be allocated 2 LEPs resulting in overlapping LEP boundaries. Where a single-sited project has occurred within these districts, it is attributed to both associated LEPs . Therefore, project and job totals in this table may not sum to headline totals reported earlier in these results.
Top source markets for FDI projects in 2023 to 2024
Figure 10: Number of FDI projects and the jobs created and safeguarded through them in 2023 to 2024, by source market
United States was the top source market for FDI in 2023 to 2024.
| Country | FDI projects | Jobs created by FDI projects | Jobs safeguarded by FDI projects |
|---|---|---|---|
| United States | 376 | 19,341 | 1,698 |
| India | 108 | 7,533 | c |
| France | 102 | 5,747 | c |
| Germany | 90 | 7,664 | c |
| Spain | 66 | 2,560 | c |
| Italy | 60 | 2,561 | c |
| Sweden | 55 | 3,578 | c |
| Netherlands | 48 | 2,008 | c |
| Australia | 47 | 1,180 | c |
| Japan | 43 | 1,278 | c |
| Ireland | 40 | 1,298 | c |
| China | 39 | 2,158 | c |
| Switzerland | 37 | 1,287 | c |
| Canada | 36 | 771 | c |
| Denmark | 30 | 1,349 | c |
| Turkey | 30 | 846 | c |
| Norway | 26 | 278 | c |
| Singapore | 25 | 502 | c |
| Austria | 22 | 300 | c |
| Hong Kong | 22 | 1,209 | c |
| Israel | 19 | 532 | c |
| Poland | 19 | 1,272 | c |
| Belgium | 18 | 339 | c |
| South Africa | 15 | 1,040 | c |
| Portugal | 13 | 116 | c |
| Finland | 12 | 153 | c |
| Brazil | 11 | 334 | c |
| Luxembourg | 11 | 436 | c |
Source: Department for Business and Trade.
c: Indicates data is disclosive.
Note: 135 FDI projects associated with 3,808 jobs created relate to countries not shown.
FDI projects and jobs in 2023 to 2024 by sector
Figure 11: Number of FDI projects and the jobs created and safeguarded through them in 2023 to 2024, by sector
The software and computer services sector saw the most FDI projects and new jobs in 2023 to 2024.
| Sector | FDI projects | Jobs created by FDI projects | Jobs safeguarded by FDI projects |
|---|---|---|---|
| Advanced engineering and supply chain | 129 | 3,253 | 519 |
| Aerospace | 46 | 2,187 | c |
| Automotive | 83 | 4,524 | 5,324 |
| Biotechnology and pharmaceuticals | 47 | 926 | c |
| Business and consumer services | 61 | 3,541 | c |
| Chemicals and agriculture | c | c | c |
| Creative and media | 69 | 2,628 | c |
| Electronics and communications | 45 | 872 | c |
| Environment, infrastructure and transportation | 163 | 6,848 | 483 |
| Extraction industries | c | c | c |
| Financial services | 199 | 8,113 | c |
| Food and drink | 92 | 4,693 | 938 |
| Life sciences | 92 | 3,201 | c |
| Renewable energy | 75 | 3,863 | c |
| Software and computer services | 263 | 15,933 | c |
| Wholesale | 147 | 9,825 | c |
Source: Department for Business and Trade.
c: Indicates data is disclosive.
Sectors are built up from categories defined in DBT’s internal database.
DBT’s Global Entrepreneur Programme
A subset of the DBT-supported FDI projects are related to DBT’s Global Entrepreneur Programme (GEP).
This programme attracts and enables high potential, internationally mobile entrepreneurs and their fast growth, innovation-rich companies to scale and internationalise from a UK global headquarters.
Figure 12: Number of GEP FDI projects which landed in 2023 to 2024 and the jobs they created
There were 81 GEP FDI projects in 2023 to 2024.
| Financial Year | GEP FDI projects | Jobs created by GEP FDI projects |
|---|---|---|
| 2018 to 2019 | 83 | 1,740 |
| 2019 to 2020 | 89 | 1,691 |
| 2020 to 2021 | 69 | 1,647 |
| 2021 to 2022 | 68 | 1,649 |
| 2022 to 2023 | 109 | 2,544 |
| 2023 to 2024 | 81 | 2,015 |
Source: Department for Business and Trade.
Between 2022 to 2023 and 2023 to 2024, the number of GEP FDI projects and associated jobs created decreased by:
- 26% for GEP FDI projects
- 21% for new jobs created
Net zero
The Ten Point Plan for a Green Industrial Revolution sets out the approach government will take to build back better, support green jobs, and accelerate our path to net zero.
Since the 2022 to 2023 financial year, DBT has reported the number of investment projects (both FDI and non-FDI) which align with the Ten Point Plan and the new jobs that these projects created. For information on how alignment to the Ten Point Plan is verified, see the technical annex via the DBT inward investment results 2023 to 2024 landing page.
Figure 13: Number of investment projects which aligned with the Ten Point Plan and landed between 2022 to 2023 and 2023 to 2024 and the jobs they created
205 investment projects which landed in 2023 to 2024 were aligned with the Ten Point Plan.
| Financial Year | All projects | New jobs |
|---|---|---|
| 2021 to 2022 | 91 | 8,804 |
| 2022 to 2023 | 211 | 20,635 |
| 2023 to 2024 | 205 | 15,229 |
Venture capital and large capital
DBT measure the value of 2 specific types of capital investment: venture capital and large capital. Some of this investment meets the criteria to be classified as FDI but some is either non-FDI capital investment or commitments to invest. See technical annex via the inward investment results landing page for full details.
Venture capital
Venture capital attracts overseas investment from corporate venture capitalists and venture capital funds into high-value start-ups, growth companies and funds.
Figure 14: Value of the venture capital investment projects which landed between 2018 to 2019 and 2023 to 2024
Venture capital investment worth £860 million landed in 2023 to 2024.
| Financial Year | Investments (£m) |
|---|---|
| 2018 to 2019 | 583 |
| 2019 to 2020 | 1,031 |
| 2020 to 2021 | 773 |
| 2021 to 2022 | 960 |
| 2022 to 2023 | 1,239 |
| 2023 to 2024 | 860 |
Source: Department for Business and Trade.
Large capital
Large capital involves overseas institutional investment into large capital projects in real estate, infrastructure and energy.
Figure 15: Value of the large capital investment projects and commitments to invest which landed between 2018 to 2019 and 2023 to 2024
Large capital investments worth £7,049 million landed in 2023 to 2024.
| Financial Year | Investments (£m) | Commitments to invest (£m) |
|---|---|---|
| 2018 to 2019 | 3,732 | 7,373 |
| 2019 to 2020 | 4,023 | 11,151 |
| 2020 to 2021 | 3,821 | 7,503 |
| 2021 to 2022 | 4,683 | 13,911 |
| 2022 to 2023 | 17,253 | 25,777 |
| 2023 to 2024 | 7,049 | 33,796 |
Source: Department for Business and Trade.
How the Department for Business and Trade can help you
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Disclaimer
Whereas every effort has been made to ensure that the information in this document is accurate, the Department for Business and Trade does not accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned.