Forget Luxembourg, France and Ireland - another country is reaping the rewards of Brexit

Insurance company among firms to have made it its post-Brexit destination

Forget Luxembourg, France and Ireland - another country is reaping the rewards of Brexit

Insurance News

By Terry Gangcuangco

The Netherlands Foreign Investment Agency (NFIA), which is the investment promotion agency of the Dutch Ministry of Economic Affairs and Climate Policy, is busy engaging with over 250 foreign firms who are looking into their post-Brexit options.

This was the revelation made by the Ministry when it talked about the thousands of jobs created in the Netherlands in 2018, thanks to foreign enterprises choosing to set up operations there. In a release, it noted that 372 non-local companies generated nearly 10,000 additional jobs in the country last year.

The 9,847 total includes 1,923 jobs originating from 42 firms brought in by the Invest in Holland network as a result of Brexit. The Invest in Holland network consists of the NFIA, its regional partners, and the Holland International Distribution Council (HIDC).

These 42 companies translated to about €291 million in investments into the Netherlands.

The Ministry reported: “The number of companies relocating activities to our country due to Brexit has grown compared to 2017, during which 18 companies made a Brexit-related move to the Netherlands. Additionally, the NFIA is talking with more than 250 foreign companies considering setting up operations in the Netherlands following Brexit.

“These are predominantly British companies, but also American and Asian organisations that are reconsidering their current European structure due to uncertainties caused by Brexit. These include companies in the financial sector, media and advertising, life sciences & health, and logistics.”

According to the Ministry, these organisations are looking at other countries as well such as Germany, France, and Ireland. Meanwhile it cited marine insurer UK P&I Club among those who have chosen the Netherlands as their post-Brexit destination.

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