Thought for London - March 2008

Celebrating China’s success in London

This month I had the great pleasure of hosting Think London’s 5th Annual Chinese Business Reception at the Victoria & Albert museum in South Kensington.

The event, sponsored by Deloitte, and supported by HSBC, China Now and China in London, proudly celebrated the links between London and China. The reception was attended by over 250 guests including our guest of honour, the Chinese Ambassador, Her Excellency Madam Fu Ying.

We highlighted and celebrated the achievements of the Chinese business community in London and the evening also served to remind us of the important contribution that Chinese investment has made to the success of London as the leading international centre for business.

At the reception I was pleased to announce that inward investment from China into London has doubled in the last 12 months and that this year Think London has assisted twice as many Chinese companies to locate in London compared with last year, adding over 200 jobs to London’s economy. London is reaping the rewards with world-class companies, such as China Mobile and China Central Television (CCTV) choosing London for their European headquarters.

Foreign Direct Investment (FDI) from China grew from $1.8 billion in 2004 to $26 billion in 2007, and is forecast to reach $72bn by 2011. London attracts 11 per cent of all Chinese FDI into Europe and more FDI projects than any location in Europe. Recent research by the Economist Intelligence Unit indicates FDI from China will almost double by 2010. These are truly impressive figures.

I also set the scene for Think London’s activities surrounding the Beijing Games later this year - We aim to use the Beijing Games as a platform to promote London and the $80 billion in growth in the London economy over the next five years to Chinese businesses. Based at the London House in Beijing, we will launch a series of business programmes focused on promoting the business opportunities that London offers now, in the lead up to 2012 and after the Games.

Following the Closing Ceremony we will embark on the “Road to London”- a three month long business Roadshow that will visit 11 cities in China. We will target Chinese businesses that are set to “Go Global” and position London as their globalisation partner. Our goal throughout this roadshow is to help deliver a pledge made by the Prime Minister to deliver 100 new Chinese businesses to the UK 2010.

I would like to remind you that London is the place to be for companies looking to expand their operations into Europe- setting up a busines here is easier than anywhere else in Europe and Think London is here to help you realise your business potential.

Michael Charlton Chief Executive, Think London