Sunderland has been named as one of the top four small European cities for foreign direct investment (FDI) and eighth top Northern European city for FDI in a study of the most promising investment locations in Europe.
The study was carried out by fDi magazine, a Financial Times publication, and published last week.
Sunderland was ranked higher than UK cities such as Cambridge, Reading, York and Peterborough in the small European cities for FDI strategy – cities categorised as small have an immediate city population of between 100,000 and 350,000.
It also beat European cities Grenoble in France and Skopje in Macedonia in this category, and it was was ranked above Sheffield and Cambridge in the Top 10 Northern European cities- FDI strategy.
Councillor Paul Watson, Leader of Sunderland City Council, said: “This is the first year Sunderland has entered the European Cities and Regions of the Future awards. It’s great news that Sunderland has won top rankings in two categories of this European-wide awards competition and that both awards recognise the strength of our global inward investment strategy.
“Sunderland has the appetite, commitment and track record to ensure it makes things happen. Our pragmatic plan for growth has driven momentum, helped secure new business, and reinforced our determination to take a long-term view on inward investment.”
The fDi study states that: “On the whole, UK cities and regions performed well in fDi’s European Cities and Regions of the Future 2014/15, claiming top city and second place regionally.
“UK cities performed well in the city rankings, particularly in the mid-sized, small and micro city categories.”
Foreign direct investment (FDI) has become the major economic driver of globalisation, accounting for over half of all crossborder investments.
fDi Intelligence, a division of the Financial Times Ltd, is the largest FDI centre of excellence globally. fDi magazine also runs the European Cities and Regions of the Future 2014/15 being “established as the world’s premier publication for the business of globalisation”.