Overseas firms fuel London's 2009 business investment

The UK capital's “flexible” business environment has continued to draw companies from around the world, with overseas small and medium enterprises (SMEs) responsible for 70 per cent of inward investment in the city, according to Think London.

London’s official foreign direct investment agency attributed some of the growth to its ‘Touchdown London’ service, which provides 12 months’ free office space, facilities and a personal advisor to help overseas companies begin operations in the UK.

Working with serviced office provider Avanta, Touchdown London has helped more than 35 firms establish themselves and a survey showed 80 per cent of SMEs were fully operational less than a fortnight after joining the scheme.

The UK capital's “flexible” business environment has continued to draw companies from around the world, with overseas SMEs responsible for 70 per cent of inward investment.

This quick turnaround saved months of searching for suitable locations, which fit clients’ responses that Touchdown London “cut the time to market” and “reduced costs of initial market entry”.

Boris Johnson, the Mayor of London, said infrastructure investment ahead of the 2012 Olympics gave foreign SMEs “unparalleled” opportunities in the capital.

“London offers a combination of a highly-skilled workforce, lower commercial property costs and a diverse social and leisure scene making this one of the most exciting, innovative and successful business locations in the world,” he said.

Think London’s chief executive, Michael Charlton, said: “When you combine this with the depreciation of Sterling, it seems that there has never been a better time for overseas businesses to invest in London.”

The city’s resilience and “robust investment figures” despite the economic downturn also attracted foreign interest, Mr Charlton added.

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