Mayor bangs the drum for London as he increases international presence

17 November 2017
  • New promotional offices in six cities across three continents
  • Boost takes total number of London & Partners outposts to 12

 

The Mayor of London, Sadiq Khan, is stepping up his efforts to ensure that London remains the best venue in the world for business in the wake of Brexit by opening up new overseas offices in six key cities.

The Mayor’s business and investment promotional agency, London & Partners, will significantly increase its overseas presence in the continuing drive to attract investment into the capital after Britain leaves the EU – and to ensure that jobs and growth for Londoners are retained.

London & Partners currently have offices in San Francisco, Los Angeles, New York, Mumbai, Shanghai and Beijing, building and maintaining relationships with entrepreneurs, start-ups, potential and existing investors.

The network will now be boosted by new offices in Paris, Berlin, Bangalore, Shenzhen, Chicago and Toronto as well as extra staff in the existing San Francisco office. The new sites represent some of the most important markets for foreign direct investment (FDI) into London.

According to London & Partners’ data, the United States is the number-one foreign investor into London, followed by India and China. Over the last 10 years, Europe has also been a major source of FDI into London with key markets in France, Germany, Spain and the Nordics.

The new office in Paris will help to promote trade and investment links with France, Spain and the Benelux region, while the Berlin office will support activities in Germany, Switzerland and the wider Eastern European region.

London continues to be a leading centre for foreign businesses looking to expand, despite some companies delaying investment in the wake of the Brexit referendum result. In the last 18 months the capital has attracted significant investment from some of the biggest businesses in the world, including Google, Facebook and Apple.

Sadiq is determined to bang the drum even louder for the capital and remind companies of all sizes that London is a leading business destination.

The Mayor of London, Sadiq Khan, said: “London remains a globally competitive city and I am committed to promoting the city internationally post-Brexit.

“Now, more than ever, we must have people on the ground engaging with businesses all over the world, including in Europe where historically there has been a relaxed approach to managing relationships.

“London & Partners will soon have more people closer to key decision makers, speaking to both existing and potential new investors to bang the drum for London as the best city in the world to do business.”

Andrew Cooke, Acting CEO of London & Partners, said: “The fundamental strengths that have made London a leading global destination for foreign investors have not changed following the EU referendum vote. But in an increasingly competitive landscape it is important that we continue to promote London as leading city for business, talent and innovation on the international stage. The decision to expand our overseas presence will help us to better engage key decision makers in our most important markets and sends a clear a clear message that London remains open to trade and investment with the rest of the world.”

The Mayor also announced today that he will be providing £100,000 of funding to his International Business Programme, which has supported 600 businesses and created 500 jobs over the last three years, including an increase in the number of female-led SMEs joining trade missions and offering an all-female trade mission in the tech sector. SMEs in London are more likely to be owned by women, BAME or disabled people and Sadiq is keen to support this equality and diversity in business.

Notes to editors

1. FDI into London by country:

London’s source markets by FDI projects and jobs created – 2006-2016

 

Projects

Jobs created

USA

597

17,441

India

265

4,598

China

257

2,813

Japan

149

2,832

Spain

147

2,438

Australia

142

2,778

France

132

2,489

Canada

80

1,154

Korea

70

458

Italy

59

542

Germany

45

784

Ireland

39

291

Singapore

38

234

Brazil

41

274

Hong Kong

33

1,005

Netherlands

32

570

New Zealand

29

280

Israel

32

370

Portugal

34

270

Taiwan

26

166

Other

255

4,768

Total

2,499

46,555

Source: London & Partners 2017