Foreign investment makes London European capital for business

The importance of foreign investment in London's economy has been highlighted by figures out today revealing that international input generates £38 billion a year in the capital.

According to inward investment agency Think London, foreign companies generate nearly a quarter of London's total output and employ over half a million people - or one in seven jobs in the capital.

International investors helped by Think London over the past 10 years have grown by 300% since setting up business here. Nearly a fifth (17%) have used their London operation as a springboard for further investment within the UK and two fifths (40%) planned expansion in mainland Europe, showing that many companies see London as a gateway to access UK and European Union markets.

The survey found that jobs created with Think London's assistance are skilled (70% are graduates); well-paid (a third earn more than £45,000 p.a.); and ethnically diverse - 60% of their employees are from black and ethnic minority backgrounds.

Think London Chief Executive, Michael Charlton, said: "Consistently voted Europe's best city for business, London is the key destination for the world's most dynamic and forward-looking companies. Thanks to this report, we now know just how vital this investment is - not only for the health and wealth of London's economy, but for everyone living and working in the capital. Working with our partners, Think London shall ensure London retains its position as an unrivalled destination for global business."

Think London - formerly London First Centre - celebrates its tenth anniversary this evening in the City of London with 500 guests from London's global business community.

(gmcg/sp)