UKTI hosts Olympic Business Breakfast in Sochi
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Olympic Business Breakfast brings together hosts of global sporting events and UK businesses with expertise in large sports projects.
Representatives of future host and candidate/bid cities and UK experts in delivering large scale sporting events gathered together at the Olympic Business Breakfast hosted by UK Trade and Investment (UKTI) in Sochi. The UK Secretary of State for Culture, Media and Sport (DCMS), Maria Miller, welcomed the high-profile international guests and shared insights into the UK experience of hosting major sporting events. In her speech, Maria Miller focused on the importance of:
creating a tangible and lasting legacy of international sporting events
taking into account social, community and economic benefits at initial preparation stages - starting from planning for the bid to hosting.
Addressing future hosts she also talked about key ingredients for large scale event success and the importance of tapping into the expertise of the business community.
A key factor behind the success of London’s Games in 2012 – and the continuing legacy of those Games today – was the tremendous work of British companies. Many of these companies have also played a key role in supporting the Sochi Olympic committee. “I have every confidence these Games in Sochi will be equally stunning, spectacular and unforgettable.
The remarkable achievements and success of London 2012 did not end after the closing ceremony. The legacy from the event continues to be felt today across London and the rest of the UK. The London 2012 Games resulted in:
increased participation in sporting activity and community volunteering
the transformation of East London into a bustling hub of businesses
Overall it is estimated that the Olympic investment will result in up to £41 billion in benefit to the British economy by 2020. The Games also provided a platform for the UK to enhance its reputation as a great place to do business and as a magnet for foreign investment. As a result, the country experienced a £2.72 billion boost to inward investment building on the country’s favorable business climate and incentive packages available for new investors.
UK companies at Sochi
In Sochi more than 60 UK companies worked closely with local partners in the market. They have been involved in a wide range of activities in support of the hosting of the 2014 Winter Olympic and Paralympic Games. These projects included:
designing the masterplan and overlay plan for competition and non-competition venues
design of individual sports venues
construction project management
The Fisht stadium where the Olympics opening and closing ceremonies in Sochi are held was designed by British firm Populous. UK experts on disability access have supported Sochi in accessing how to improve the environment across the city. London was praised as the first “green Games”, and UK consultants have helped the organisers to assess the environment impact of hosting the Sochi Games.
British companies were also involved in:
the provision of legal, financial and strategic communication advice
supply of construction and other equipment to the Sochi organisers
supply of around 400 containers of seating, equipment and temporary overlay, shipped from the London Olympics to the Russian coastal city for the Games.
UK global sporting events business success
UK companies have also won more than £130 million in deals from the Brazil 2014 FIFA World Cup and from the Rio 2016 Olympic and Paralympic Games. These successes are based on the companies’ extensive experience in providing a wide range of specialist services for global sports events of all scales, from planning and design through to construction and event management.
Opportunities for UK companies at 2018 World Cup
In 2018 Russia is hosting another major sporting event – FIFA World Cup. Preparations are underway, with new football grounds already being built in St. Petersburg, Saransk, Kazan, Sochi and Moscow with other venues at the design and planning stage. The Russian government intends to use some 330 billion roubles (£5.6 billion) public funds during the preparations, with the same amount provided by investors.
If you have any questions about business opportunities in Russia please contact UKTI’s team:
Tel +7(495) 956 7312