United Kingdom: Foreign Direct Investment (FDI) projects into the United Kingdom increased by 14% over the last financial year 2003-04, indicated the Department of Trade and Industry (DTI). Due to around 811 new foreign companies setting up on British territory, 25,000 new jobs have been created. This last figure is, on the contrary, less than 34, 396 jobs created the year before via foreign companies. The increase in investment projects is a first sign of renewed economic activity, which is beginning to get itself felt, underlined William Pedder, director of the Trade and Investment unit at the DTI. The United Kingdom accounts for 23% of foreign company start-ups in EU countries, as opposed to 19% the previous year. The United Kingdom can feel proud of the good results marked up in their country given the low rate of FDI in the rest of Europe, which stands at 2%. Patricia Hewitt Secretary of State for the DTI stated that, "Our competitive advantage comes from the economic stability built by the government, the skill of our workers and our strong 'IT' and telecoms structure". The North America and the USA remain the largest source of foreign direct investment in the United Kingdom with 314 American ventures established last year.