Question to the Department for International Trade:

To ask the Secretary of State for International Trade, what steps her Department is taking to increase foreign investment in UK industry in order to raise productivity.

The UK is a leading foreign investment destination; second in the world for inward Foreign Direct Investment (FDI) stocks with $2.1 trillion, behind the USA in 2019. DIT analysis of Office for National Statistics data shows that in 2018 foreign owned firms were on average 72% more productive than domestic only firms.

In 2019/20 the Department for International Trade provided support for 1,449 FDI projects, creating almost 45,000 new jobs and safeguarding a further 8,000. In November 2020, the Prime Minister announced a new Office for Investment within the Department but under the sponsorship of Downing Street to support strategic investment. We are also prioritising regional investment and growth through our High Potential Opportunities Programme.