Foreign investment is driving high value jobs in Plymouth

Plymouth-based companies are attracting millions of pounds of foreign investment creating and securing quality jobs, with more investments on the horizon.

Statistics collated by Plymouth City Council’s Economic Development team show that across the last five years, £332m worth of foreign investment – mainly from American parent companies – came to city businesses, across 33 projects.

All together the investment helped secure 1,460 new jobs.The pipeline for next year looks promising with 23 projects worth £5m and the creation of 8,000 jobs on the cards, of which 3,500 are high-value graduate jobs, with 74% coming from the marine sector.

The then Council Leader Richard Bingley said at the time: “Foreign investment in Plymouth is booming. We made it a firm commitment to open Plymouth to global business and drive more high-value jobs to the city. I agree with the recent news, Plymouth should not be underestimated.

“Despite the pandemic and the aftershock on the global economy, we are making sure that we are grabbing opportunities that come our way.

“A typical investment project can take a few years to land as companies will keep a close eye on macroeconomics and the global market place before making a final decision. These huge investments are made by global companies who have faith in the knowledge, skills and technology that we can create here in Plymouth.”

Recent major investments in the city, have included £120m from Meta/Plessey and £70m from Becton Dickinson along with Amazon £10m and Barden £8m.

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