Reading has been ranked among the top 10 European business cities of the future for foreign direct investment (fDI) in the bi-annual report produced by the Financial Times.
The town was ranked 10th overall in the fDI Cities of the Future 2014 Awards, behind European heavyweights such as London, Barcelona and Berlin and was named 4th best overall in the UK and Ireland. The awards were based on measures such as economic potential, local labour market, infrastructure and business friendliness, as well as strategy for encouraging foreign investment. Reading was also ranked second best Small European City¹ for business friendliness and was rated in the European top ten in four other business categories.
Reading UK CIC, the economic development company for Reading, put together Reading’s bid to the fDI Cities of the Future 2014 Awards. Sue Brackley, Economic Development Manager at Reading UK CIC, said: “The FDI Awards demonstrate the international significance of Reading not only as one of the strongest economies in the UK, but as a leading European city for business investment.
“It is Reading’s overall offer to business rather than financial incentives which is at the heart of its attractiveness to foreign investors. Reading boasts a well-balanced economy with outstanding strengths in the knowledge economy, a highly skilled workforce, easy access to key transport hubs, top performing schools and a high quality of life. Businesses based here enjoy the benefits of being in the UK’s top performing knowledge economy outside of the City of London without the London overheads.”
Reading was named the second most business friendly small city in Europe, based on factors such as the number of companies in high tech industries, jobs, FDI, ease of doing business and credit rating. Reading also ranked:-
A strong indication of Reading’s success is the recent spate of international investment in prime sites such as Chatham Place, Green Park and IQ Winnersh, all snapped up by overseas investment companies.
Investors in Reading will be growing their business alongside international companies such as Microsoft, Oracle Corporation, Verizon, BG Group, Prudential, Pegasystems, Harris, Thales and many others.
Reading UK CIC delivers a programme of economic development activities to promote inward investment into Reading. This includes marketing Reading to business, ensuring the labour market has the skills necessary to support business needs and providing business investment support and intelligence. In conjunction with Hicks Baker, Reading UK CIC publishes Reading Development and Investment Review, a business intelligence report which documents investment across office, residential, logistics and residential sectors in Reading.
Foreign direct investment (fDI) is a direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding operations of an existing business in that country. These awards rank Reading as a leading European location for business investment.
The results have been published on fdiintelligence.com.
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