FIRMS in East Lancashire are well set to cope with any economic down turn, according to the Northwest Regional Development Agency (NWDA).

New figures reveal that the north west is one of the UK’s leading regions for Foreign Direct Investment (FDI), a major factor in the area retaining its core jobs.

Figures released by UK Trade and Investment (UKTI) show that the numbers of jobs created and safeguarded in the region over the past year has doubled compared to previous years.

The region has attracted 155 inward investment projects during 2007/08, an increase of 18 projects on last year and an increase of 64 projects on 2004/05.

These 156 projects have created or safeguarded 14,647 jobs, 7,127 more than in 2006/07.

Steven Broomhead, NWDA chief executive, said: “These figures are a real lift from recent stories surrounding the slowdown of the global economy and the financial credit crunch.

“This current year will see the toughest economic climate the UK has faced since the Regional Development Agencies were established nine-years-ago, and we should be prepared for a drop in the UK’s FDI performance next year, but I am confident that our diverse economy can ride-out this storm.”

A recent example of an FDI was last month’s buyout of Darwen-based aerospace company Brookhouse by the Kaman Aerospace Group, which operates from the USA.

The takeover secured 450 East Lancashire jobs at the firm.

Fellow aerospace giant, Samlesbury-based BAE Systems, which has contracts with a number of overseas investors, said the north west was key to their UK operations.

A BAE spokesman said: "The north west of England continues to be BAE Systems' most important region in the UK.

“Almost half our UK workforce is based here - some 17,000 employees. We are continuing to make significant investments in our sites in the north west, with the most recent examples being Samlesbury and Barrow, and our Preston Training Centre trains up to 400 apprentices every year.”

Even companies without foreign investment are optimisitic.

Steve Simpson, MD of furniture maker Simpsons, in Colne, which employs 25 people, said: “If anything, business has been on the up. We have been trading for over 30 years and have seen the same thing happen on two or three occasions.”