London outgunned in battle for foreign investment and tourismNovember 28, 2014
Attracting high-value overseas investment and tourism is critical to London’s position as a global city. But as international competition increases, it is important that we have the right promotional arrangements in place to maintain and develop these vital contributions to London’s economic success.
London First – with the support of London & Partners, the Mayor’s official promotional agency – commissioned Deloitte to benchmark London’s promotional system against those of its international rivals. London & Partners’ Chair, Kit Malthouse AM, joined London First members at the launch of the report, helping to tease out the lessons London might learn from international experience.
The report, which compares the effectiveness of London’s promotional system with those in Paris, Berlin, Hong Kong, Singapore, Toronto, New York, and the FDI promotion system in the Greater Washington Area, warns that the British capital faces significant challenges and has ‘no room for complacency’ in an increasingly competitive world.
- The allocation of more funding for London’s international promotion
- Better leverage of assets owned by the city
- Raising more commercial revenue in order to better promote the capital, which, in turn will bring additional benefits to the rest of the UK.
John Dickie, Director of Strategy at London First, said while London was highly attractive to foreign direct investment and tourism, the city couldn’t rest on its laurels. “London needs to up its game and spend significantly more on promotion if we are to remain competitive in attracting tourists, students and inward investors to the UK, particularly from emerging markets,” he said.
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