Foreign investment in Greater Lincolnshire creates 300 new jobs

Coun Colin Davie of LCC. EMN-200723-180744001

Twenty-six overseas companies invested in the Greater Lincolnshire area in the last year, creating almost 300 new jobs before the onset of the Covid-19 pandemic, according to the Local Enterprise Partnership.

A report from the Department for International Trade shows a 30 per cent increase in successful foreign direct investment projects in 2019/20 compared to the previous year.

The number of successful investment projects has now increased every year since 2014/15.

Almost half the 299 new jobs (48 per cent) pay salaries above £25,000 per year as companies invest in automation and require higher skilled technicians and engineers to support the equipment.

Pat Doody, chairman of the Greater Lincolnshire LEP. EMN-200723-180759001

The 26 businesses that have invested in Greater Lincolnshire have parent companies in 17 different countries, including Singapore, Iceland, Japan and China. Most investment projects came from Denmark and the United States (four each).

Expansions and acquisitions account for almost one-third of the investment activity – the highest proportion recorded over the six-year period from 2014.

Eight businesses were acquired by foreign investors including US-owned Teleflora acquiring Interflora in Sleaford.