Brexit brings Flanders 2.4 billion in investments

Brexit brings Flanders 2.4 billion in investments
Credit: Belga

Eighty-one British companies have made the jump across the Channel to Flanders because of Brexit, a study by Flanders Investment & Trade shows.

The relocation brought Flanders some €2.4 billion and 2,755 jobs, but according to financial newspaper De Tijd, this would not be enough to compensate for the job loss in Flanders.

According to the newspaper over 6,500 jobs would have been lost in the province of West Flanders alone due to Brexit.

The companies that are now moving to Flanders can be divided into two categories, says De Tijd: on the one hand, companies from outside the EU (often the US or Japan) that used to be based in the UK and are now moving to Flanders to continue enjoying the benefits of EU membership.

On the other hand, it concerns companies from the UK that want to continue working in cooperation with the EU and set up branches and offices in Flanders to facilitate logistics and administration.

The province of Antwerp would benefit most from these new investors, as 35 of the 81 companies have invested in the province.

In Flemish Brabant, West Flanders and East Flanders, it concerns 14 or 15 companies together, and five are located in Limburg.

The fact that Antwerp seems to be the most attractive province is said to be mainly related to the fact that it mainly concerns chemical companies that move to Flanders. That is why the investment by chemical giant Ineos is also included in the figures, which means that Antwerp is receiving the largest amount.

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