Manchester has chalked up yet another feather in its cap. The northern city now ranks among the world’s top 10 most popular cities for global investment, according to IBM’s latest Annual Report on Global Location Trends.
The report, IBM’s eleventh, tracked the movement of investment flows and its impact on economic growth around the world. This latest accolade adds credence to Manchester’s track record as one of the fastest-growing cities in the UK.
Along with Liverpool, Manchester attracted 68 foreign direct investment (FDI) projects in 2017, beating other global cities like Toronto and Barcelona. Specialisms in cyber security, FinTech and advanced materials helped the city bring the largest number of investments into the UK, second to London.
The report echoes the EY Attractiveness Survey UK 2017/18 which ranked Manchester as the most successful city to attract FDI outside London. Manchester also retained its place as the UK’s Most Liveable City in the Economist Intelligence Unit’s 2018 Global Liveability Ranking.
The UK is currently placed fifth in the list of the worlds’ most influential FDI destinations. Britain was also ranked fifth for FDI job creation, with 51,500 new jobs born out of these global investments. Manchester and Liverpool jointly created 7,000 jobs last year.
Tim Newns, Chief Executive of MIDAS, Manchester’s inward investment agency, said: “This report once again confirms Manchester as a globally significant business destination and, together with Liverpool, illustrates the potential of the Northern Powerhouse.
“Greater Manchester is ambitious, visionary and passionate about the future. Billions of pounds are being invested to create inspiring, connected business environments that support innovation and reflect future needs, and ensure that the region continues to be a draw for the world’s most innovative companies and biggest brands.
“Talent is one of the key attractors for global businesses and with student retention figures at an all-time high in Manchester, it is creating an even more compelling case for investment.”
In August, Booking.com, the world’s third largest e-commerce company announced a £100 million investment into a new global HQ in Manchester, with online health and beauty retailer The Hut Group (THG) also announcing plans to move into MediaCityUK.
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By Ian Choong Edited by Vivienne Pal
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