LDA secures positive future for investment

The London Development Agency (LDA) has secured a positive future for foreign investment in the capital by retaining Think London as the city's official direct investment agency.

Following an intensive tendering process, the LDA has agreed to renew Think London's three year grant agreement, enabling it to continue promoting London as the world's most dynamic capital.

For the seventeenth year running London has been voted as Europe's top location for business, ranking it first for access to markets, quality staff, transport links, available office space and languages spoken.

In 2005, London attracted 20% more projects that it's closest rival, Paris, with Foreign direct investment (FDI) accounting for 27% of London's economy and half a million jobs.

Think London will continue to ensure foreign companies know how to make the most of this opportunity, helping them to set up new offices and providing them with unrivalled access to properties, locations and people. Firms that have already established themselves in the city will be encouraged to stay and grow.

Commenting on the new contract, Chief Executive of the LDA, Manny Lewis said:

"Think London has an excellent track record in marketing London to the international business community. Their record in attracting foreign investment to the capital has been first rate, ensuring that over 1000 foreign companies have located here since 1994. With London 2012 on the horizon, I look forward to continuing our partnership, exploring new ways in which to attract jobs, investment and expertise to the capital."

Commenting, Chief Executive of Think London Michael Charlton said:

"We are delighted to receive this vote of confidence from the LDA which gives us the opportunity to maximize Foreign Direct Investment for London both in the run up to - and beyond - 2012."

London First Chief Executive, Jo Valentine said:

"To retain its position as the leading world city, London must continue to attract foreign investment and promote itself as the best place in the world to do business. London First established Think London in 1994 as the first agency dedicated to this task and so are thrilled to see their hard work rewarded with this new contract. It is an acknowledgement of Think London's successful track record, ensuring that not only London, but the entire country benefits from the jobs and investment these overseas companies bring."

As part of the agreement, the LDA has set Think London challenging targets for the growth of international investment in London. The LDA's 'Inward Investment Strategy' also identifies key markets for Think London to attract investment from as well as areas of London the LDA would like to see firms locate to.

Think London will be required to maintain investment in sectors such as the financial and business services, as well as assisting in the growth of creative industries, environmental technologies and life-sciences.

Think London will continue to target its attention on companies in the USA, Europe as well as the emerging markets of India and China. This follows a recent report that identifies six out of ten Indian and US companies surveyed in London believe the city offers the best return on investment (ROI) for expanding into the global marketplace.

Notes to Editors:

The London Development Agency works to improve quality of life for all Londoners and drive sustainable economic growth.

Think London is the foreign direct investment agency for London. They provide free, confidential and comprehensive advice to help international businesses set up and succeed in London. Since 1994 they have helped over 1,000 companies from more than 36 countries locate or expand in the capital.

The LDA inward investment strategy closely aligns and supports the national strategy set by UK Trade and Investment 'Prosperity in a Changing World.'

The LDA has a statutory obligation to "promote business efficiency, investment and competitiveness in its area". The LDA sets the strategic direction for this activity and outsources the delivery to a Foreign Direct Investment agency (Think London) and a network of sub regional delivery partners.

Think London's principal funding partners are the London Development Agency (LDA) and London's business community, through London First. Other key partners are the City of London Corporation, which also provides funding, and UK Trade and Investment. www.thinklondon.com

The new Inward Investment grant agreement will run from 1 April 2008 for a period of 3 years and is worth £16.4 million.

Think London will be expected to deliver its activities in partnership with a number of organisations including UK Trade and Investment, City Of London, other LDA delivery partners and other business support providers within London.