Foreign companies invested 5.4 billion euros in Flanders in 2024. It is a record. Flemish first minister Matthias Diependaele (nationalist/N-VA), says the investments generated 5,039 jobs. That, in turn, is less than the average job creation by foreign investments in recent years.
In general, times are not that rosy when it comes to job losses in Flanders (and Belgium), with the past two weeks alone seeing redundancies announced at Novartis in Puurs, a closure at Tupperware in Aalst and 200 jobs threatened at Galapagos in Mechelen.
On a brighter note, the amount invested in Flanders by foreign investors rose again last year. Flemish premier Matthias Diependaele released the figures on the eve of the World Economic Forum in Davos. ‘These are difficult times, but in Flanders we possess everything to remain an attractive investment region,’ Mr Diependaele said.
Americans #1
In total, foreign companies invested 5.4 billion euros in Flanders in 2024, an increase of almost 10 per cent compared to 2023 and slightly more than the previous record year set in 2022: 5.26 billion euros.
According to the first minister's office, the figures include an investment by ‘ASML, a Dutch global player in chip technology, in a pilot line at Imec’, accounting for 1.1 billion. In addition, ‘American Freepoint Eco-SystemsInve built a recycling facility in the port of Ghent that will process 80,000 tonnes of plastic annually,’ Mr Diependaele noted.
Unlike last year, when the Dutch took first place, the Americans are back on the top spot. North and South American companies together realised 60 new projects and created 1,763 new jobs.
Jobs do not follow
Still, the number of jobs created by foreign investment in 2024 was not exceptionally high. The total amounted to 5,039 new jobs in 2024, less than the average for the past 10 years.
Job creation by foreign investments should also be contrasted with the heavy job losses in Flanders in 2024. According to recent figures from GraydonCreditSafe, a total of 15,553 jobs were lost in Flanders in 2024 (i.e. not only at foreign companies). The bankruptcy of bus builder Van Hool was the worst blow.