An Olympics Legacy programme of trade missions, promotional events and export and marketing advice for UK companies delivered by UK Trade and Investment will build on the success of the British Business Embassy programme of 18 business summits, which concluded last week.
Seb Coe, LOCOG Chair and recently appointed Olympics Legacy Ambassador to the Prime Minister said:
“The extraordinary success of the London 2012 Games has shown the best of Britain to the world and now our focus turns to securing a lasting legacy. We have already witnessed the incredible regeneration of east London, with world class facilities and a new urban park created.
“We now need to ensure that organisations up and down the country use the positive impact generated by the Games to reach out to new markets and grow their businesses. The British Business Embassy at Lancaster House has brought together business leaders from the UK and all over the world in a showcase of Britain’s industrial strengths and successes.
“We had a once-in-a-lifetime chance to demonstrate British business excellence to the world, and we are making the most of this opportunity.”
Trade and Investment Minister, Lord Green, said:
“The Games have provided a golden opportunity to enhance our status as a leading business partner and destination for investment.
“The British Business Embassy has hosted 4,000 business people from large and small firms alike. The connections they have made will deliver real economic dividends.
“We are now working hard, alongside firms around the country to follow up the contacts, networks, announcements and momentum created by the Games.”
Following the Olympics, initiatives to promote UK businesses will include:
‘Great Britain Delivers’ - a multi-media showcase taking the message to the world that the UK can deliver major global projects on time and on budget.
Further British Business Embassy programmes at major international events including the Sochi Winter Olympics in 2014 and subsequent Games, including the Commonwealth Games in Glasgow in 2014.
Trade missions to countries set to host the Olympics, Winter Olympics and the FIFA World Cup in the coming years, including Brazil, Russia and Qatar, to export the expertise and skills of UK firms. An estimated £1.5bn worth of contracts have been identified flowing from Sochi 2014 and Rio 2016.
Overall, hosting the Olympics is forecast to deliver around £13bn in economic benefit to the UK in the coming months and years.
This includes £1bn of extra sales for businesses taking part in the British Business Embassy programme, £4 billion of high value overseas opportunities for UK firms in markets including Brazil, Russia and China, £6bn of inward investment and a £2.3bn boost to tourism.
**Notes to editors
**1. During the Olympics the Prime Minister, Deputy Prime Minister, Chancellor, Business Secretary and 35 other ministers have welcomed around 4,000 business leaders and global figures, including over half of the FTSE 100 companies and hundreds of international buyers, investors and policy makers, to 18 Global Business Summits at Lancaster House in London.
Speakers have included IMF Managing Director Christine Lagarde, designer Stella McCartney and Apple designer Sir Jonathan Ive. Further events will continue into September, with the total number of attendees set to reach 4,000. A regional programme of 75 business seminars is taking place around the UK.
The Government’s international Olympic business legacy programme, including the Host2Host programme, Suppliers Directory and British Business Club have been delivering benefits for UK companies since the programme commenced in 2007.
UK Trade & Investment (UKTI) is the Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy - acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or visit the online newsroom at www.ukti.gov.uk/media.
The Government’s economic policy objective is to achieve ‘strong, sustainable and balanced growth that is more evenly shared across the country and between industries.’ It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
To create the most competitive tax system in the G20
To make the UK the best place in Europe to start, finance and grow a business
To encourage investment and exports as a route to a more balanced economy
To create a more educated workforce that is the most flexible in Europe.
Notes to Editors
BIS Press Office
Department for Business, Innovation & Skills
Department for Business, Innovation and Skills
020 7215 5361