Foreign firms inject £110m into UK tech jobs
The Department for International Trade (DIT) has announced investments from 11 foreign companies, aimed at creating hundreds of tech jobs across the UK.
At least £109.5 million in overseas contributions will create 359 jobs in major cities such as London, Leeds, Newcastle and Reading. These new jobs will expand roles in FinTech, software development and artificial intelligence.
A significant portion of the funding will originate from South American firms and firms in India. Companies in New Zealand and the US also make up some of the investment streams.
The announcement comes as the UK approaches the deadline for striking a withdrawal agreement with the European Union (EU), and is an attempt by the government to show it can forge strong ties beyond Europe.
“It’s easy to see why the UK is Europe’s top destination for foreign direct investment,” said the international trade secretary Liam Fox. “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.”
The investment includes £30 million from Brazilian auto parts manufacturer Aethra to create ten jobs over the next four years. £32 million also comes from Argentine software and digital design company Globant, aimed at creating 140 jobs in London.
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ThinCI, a US company specialising in software for artificial intelligence platforms, will create 40 jobs with the opening of a new site in Leeds via an unspecified amount.
Engineer.ai, a UK-based company, meanwhile will benefit from a £22.5 million injection by global venture capitalists Lakestar, Jungle Ventures and Softbank’s DeepCore for additional roles to the 50 already announced earlier this month.
“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 us to get established quickly and our newly employed engineers and programmers productive in record time,” said ThinCI’s CEO Dinakar Munagalam.
“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.”
The remaining funding comprises £1 million from LHV Pank and Infotel each, £1.2 million from Tradify HQ, £2 million from Eye Capital, £5 million from Avnet, £5.5 million from Paper Plus, and £9.3 million from MKW Engineering.