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Olympics investment event set to provide £1bn boost to UK Olympics investment event set to provide £1bn boost to UK
(about 7 hours later)
More than 4,000 business leaders and politicians are gathering in London for an Olympics investment conference that could generate £1bn of UK deals.More than 4,000 business leaders and politicians are gathering in London for an Olympics investment conference that could generate £1bn of UK deals.
UK Trade and Industry (UKTI) hopes the 17 London events and others around the world will showcase UK business. UK Trade and Investment (UKTI) hopes the 17 London events and others around the world will showcase UK business.
Leaders of organisations such as Google, HSBC and the European Central Bank will be attending the meetings.Leaders of organisations such as Google, HSBC and the European Central Bank will be attending the meetings.
In total, the government hopes the Olympics will add £13bn to UK investment.In total, the government hopes the Olympics will add £13bn to UK investment.
Figures out on Thursday show that although there has been a fall in the number of new projects, inward investment created nearly 53,000 new jobs last year, which was up 26% on the previous 12 months.Figures out on Thursday show that although there has been a fall in the number of new projects, inward investment created nearly 53,000 new jobs last year, which was up 26% on the previous 12 months.
Selling 'Great' BritainSelling 'Great' Britain
Lancaster House in Central London will become the British Business Embassy and play host to the UK events during the Olympics, which will include a special business summit for the UK's third biggest overseas investor: China.Lancaster House in Central London will become the British Business Embassy and play host to the UK events during the Olympics, which will include a special business summit for the UK's third biggest overseas investor: China.
Ministers forecast these events should generate £1bn in extra sales by UK firms.Ministers forecast these events should generate £1bn in extra sales by UK firms.
UKTI has also identified an additional £4bn of "high value opportunities" such as projects linked to the Sochi 2014 Winter Olympics and the 2016 Games in Rio de Janeiro. It is thought UK firms involved in London 2012 will be well-placed to sell their new-found expertise.UKTI has also identified an additional £4bn of "high value opportunities" such as projects linked to the Sochi 2014 Winter Olympics and the 2016 Games in Rio de Janeiro. It is thought UK firms involved in London 2012 will be well-placed to sell their new-found expertise.
Another £6bn could come from direct investment in UK projects and developments by overseas companies such as the £8bn development of the Battersea Power Station site in South London by Malaysia's SP Setia.Another £6bn could come from direct investment in UK projects and developments by overseas companies such as the £8bn development of the Battersea Power Station site in South London by Malaysia's SP Setia.
The project is expected to create 33,000 jobs.The project is expected to create 33,000 jobs.
Finally, the UKTI hopes its new "Great" advertising campaign fronted by Oscar-winning actress Dame Judi Dench and Slumdog Millionaire star Dev Patel will boost the number of visitors to the UK by 4 million from 2011 to 2015, generating a £2.3bn boost to the UK economy.Finally, the UKTI hopes its new "Great" advertising campaign fronted by Oscar-winning actress Dame Judi Dench and Slumdog Millionaire star Dev Patel will boost the number of visitors to the UK by 4 million from 2011 to 2015, generating a £2.3bn boost to the UK economy.
Altogether, the government hopes the Games and legacy projects connected to it will generate £13bn for the UK economy over the next 10 years.Altogether, the government hopes the Games and legacy projects connected to it will generate £13bn for the UK economy over the next 10 years.
Creating jobsCreating jobs
Many economists believe any long-term economic boost from the Games will be marginal.Many economists believe any long-term economic boost from the Games will be marginal.
Thursday's launch comes the day after official figures showed the UK economy as measured by Gross Domestic Product shrank 0.7% in the three months to the end of June.Thursday's launch comes the day after official figures showed the UK economy as measured by Gross Domestic Product shrank 0.7% in the three months to the end of June.
However, new figures from the UKTI showed inward investment by overseas firms created 52,741 new jobs in the year to the end of March, which was an increase of 26% increase from the previous year.However, new figures from the UKTI showed inward investment by overseas firms created 52,741 new jobs in the year to the end of March, which was an increase of 26% increase from the previous year.
A further 59,918 existing jobs were also calculated to have been secured by foreign investment.A further 59,918 existing jobs were also calculated to have been secured by foreign investment.
"Despite a difficult international economic climate, more jobs have been created and secured than in any year for over a decade," said Business Secretary Vince Cable."Despite a difficult international economic climate, more jobs have been created and secured than in any year for over a decade," said Business Secretary Vince Cable.
Are you planning to attend the investment event? How much of an impact will the Olympics have on your business? Share your comments and experiences.