Chinese FDI Projects in the Capital Double
Tuesday 27th March 2008
THINK LONDON NEWS RELEASE- London attracts more than 11 per cent of all Chinese Foreign Direct Investment (FDI) in Europe -
Think London, the foreign direct investment agency for London, has revealed inward Chinese FDI in London has doubled in the last 12 months. The rapid growth of the Chinese economy in recent years has seen many Chinese companies entering international markets, and London is reaping the rewards.
Foreign direct investment from China has grown exponentially in recent years, from $1.8bn in 2004, to $26bn in 2007, and is forecast to reach $72bn by 2011, which would make it the most important source of outward FDI in Asia, ahead of Japan[i]. London attracts more FDI projects from China than any other location in Europe, approximately 11 per cent of all Chinese FDI projects to the continent[ii].
At the annual Chinese Business Reception hosted by Think London to celebrate the importance of London’s economic and cultural links with China, Think London Chief Executive Michael Charlton acknowledged the important contribution Chinese businesses make to London’s economy, and spoke about why London is such an attractive location for Chinese businesses looking to move into the European market.
Speaking at the event he commented:
“This year Think London has assisted twice as many Chinese companies to locate in London compared with last year, adding over 200 jobs to London’s economy. I am particularly pleased that world-class companies, such as China Mobile and China Central Television, have chosen London for their European headquarters.�
The Chinese Ambassador, H.E. Madam Fu Ying, was guest of honour and spoke at the reception. She spoke about China’s special relationship with the UK and said: “With the Games in Beijing this summer almost upon us, this is an exciting time for China, and I am very proud to celebrate the links our two countries have developed. I look forward to continuing to grow our relationship with London and welcoming even more Chinese businesses to this fine city in 2008.�
Think London’s Chinese Business Reception, held on 26th March 2008, was sponsored by Deloitte, and supported by HSBC, China Now and China in London.
John Connolly, Global Chairman & UK Chief Executive of Deloitte said:
"Both China and the UK have a great deal to offer each other. Now more than ever, I believe there are considerable opportunities for further advancement of our mutual trade and investment relationships. Our Deloitte team in China report that foreign investment continues apace in China despite the current economic climate and the research by Think London shows Chinese companies are also investing heavily in the UK. We look forward to continuing to work with companies from both countries to ensure these investments create maximum value."
Think London offers a bespoke incubator service to help Chinese businesses establish themselves in London. ‘Touchdown London’ is a dedicated start-up service, offering Chinese businesses a ‘soft landing’ including subsidised office space and support services in the capital.
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