POSTED: Wednesday March 11th 2009
FOR IMMEDIATE RELEASE

Mayor and Think London offer overseas investors help to set up in capital

‘Touchdown London’

The Mayor of London, Boris Johnson, today (11th March) urged foreign businesses to relocate to London and outlined measures to ensure the capital remains the top place to do business despite the current global downturn.

As the latest cost of living survey revealed London is cheaper to live in than New York for the first time since 2002, the Mayor has unveiled Think London’s economic action plan to encourage more overseas companies to locate in the capital. The plan, ‘London Now’, was outlined by the Mayor at the prestigious property conference MIPIM.

As part of the plan, Think London is extending its ‘Touchdown London’ offer to provide overseas companies with up to 12 months of free office space and facilities and the use of a dedicated advisor to support firms through the process of establishing a London operation.

Building relations with overseas companies is a key part of ‘London Now’, with high-profile events planned throughout 2009. Next week, Think London will host a high profile delegation of around 40 business executives from China with an interest in locating in London. The Mayor will meet with the Chinese delegation during their trip. This follows on from the successful ‘Road to London’ road show in China last autumn. As a result, 95 companies have engaged with Think London to explore setting up an office in the capital within the next two years. Building on the success of Road to London, Think London in the coming months will be rolling out a road show in North America to reach out to potential investors and showcase the investment opportunities in London, including the 2012 Olympic and Paralympic Games.

London is a unique city that offers great diversity and choice for foreign companies with over 300 languages spoken in the capital, favourable exchange rates for tourists and businesses, and a skilled and talented workforce. With the 2012 Games around the corner it never has been a better time to invest in London.

The Mayor of London, Boris Johnson, said: \“My message to overseas businesses is loud and clear. You will not only receive the warmest of welcomes but we will do all we can to ensure you get off to a flying start in the capital and are successful. London offers magnificent opportunities for overseas business with unrivalled access to western markets, a skilled workforce and one of the most diverse social and leisure scenes in the world. We are investing heavily in our infrastructure to provide business opportunities, as well as in skills and training programmes to ensure there is a deep pool of talent to help your business grow and succeed.\”

Michael Charlton, chief executive of Think London, said: “It is important to remember that we are experiencing a global recession affecting all major economic hubs. However, the current market conditions have created unique investment opportunities in London. Sterling’s depreciation of 27 per cent against the dollar and 15 per cent against the euro in the past seven months means foreign cash now goes further in London. Furthermore, the city now has lower commercial property costs and a wider talent pool offering a rich source of quality support to companies. London continues to have unique and unrivalled access to the European market with 500 million consumers on its doorstep.”

‘London Now’ will also see Think London work in co-operation with key commercial partners to generate up to £1 million, which will be used to provide further world-class services in support of overseas investors in London such as offering bespoke intelligence about London, business opportunities and connections. Additionally, Think London has recruited three new senior executives from the private sector to further enable its services to overseas businesses. The Mayor of London’s overseas staff will also assist with initiatives to attract foreign companies to choose London as a business destination.

London is continuing to invest in growth opportunities with infrastructure projects like Crossrail and the London Thames Gateway. At the forefront of investment is the 2012 Olympic and Paralympic Games, a firmly established event which will generate an estimated £4 billion economic opportunity.

Michael Charlton said: “London remains attractive to international investors; only in October last year, Cushman & Wakefield’s European Cities Monitor ranked London the number one destination in Europe for foreign direct investment for the 19th consecutive year. We look forward to working with overseas companies and continue to receive large amounts of interest from businesses that are looking to expand and grow in London. We are confident that London will continue to be flexible and adapt to the changing market conditions by helping investors take advantage of the current climate.”

ENDS
Notes to editors:
1.      For further information on ‘Touchdown London’ please go to www.thinklondon.com/floating_pages/Touchdown_London.html
2.      Following the successful ‘Road to London’ road show in China last autumn, 95 companies have engaged with Think London to explore setting up an office in the capital within the next two years. Of these companies, nine are already working with Think London to set up an office here within the next twelve months. Among them are VanceInfo Technologies, a leading China-based provider of IT outsourcing services to Asia-Pacific, North America and European clients, China Merchants Bank and Insigma, a leading Chinese IT outsourcing group. Alibaba.com, the world’s largest online B2B market place, has recently announced the move of its European headquarters to London.
3.      According to a cost of living survey, by the Economist Intelligence Unit (10th March 2009), the cost of living in London has dropped dramatically and the capital is now cheaper than New York for the first time since 2002.

About Think London:
Think London is the foreign direct investment agency for London, assisting companies moving to the UK capital by offering access to business networks, people and opportunities. Think London is a not-for-profit, private-public partnership delivering expertise and advice to international businesses. The agency’s service is completely free, comprehensive and confidential. Think London’s experts work with government and the business community to help companies access the best people, places and opportunities in the city. Think London’s principal funding partners are the London Development Agency (LDA) and our network of commercial partners. Other key partners are the City of London Corporation, which also provides funding, UK Trade & Investment and the business community through London First.
For more information on the ‘London Now’ action plan and Think London please contact:  
Ravi Sunnak ravi.sunnak@trimediauk.com
Chantel Gohil chantel.gohil@trimediauk.com
Tel: 020 7025 7500
 
MAYORAL MEDIA ENQUIRIES:
Press information is available from Richard Brookes or Helen Collier on 020 7983 6550/4020 or email economicdesk@london.gov.uk 
GENERAL PUBLIC/NON-MEDIA ENQUIRIES: Call the Public Liaison Unit at the Greater London Authority on 020 7983 4100
DUTY PRESS OFFICER: For out-of-hours media enquiries, please call 020 7983 4000

Helen Collier
Economic Development and Olympics Desk
Mayor of London\‘s Press Office
T: 020 7983 4020
F: 020 7983 4062
GREATERLONDONAUTHORITY
City Hall
The Queen\‘s Walk
London
SE1 2AA
www.london.gov.uk 

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Keywords · Boris Johnson · London 2012 · ‘Touchdown London’

Name: Richard Brookes
Organization: Greater London Authority
Email:
Phone: +44 020 7983 4070
URL: http://www.london.gov.uk/

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