London is prime destination for foreign ventures
London is the greatest city in the world at attracting foreign investment, according to new research.
The capital left the likes of Paris, Singapore, Chicago and Dubai far in its wake for the seventh year running in 2014, according to the ranking from tech giant IBM.
Foreign investment has generated 11,300 London jobs across 235 investment projects from major companies relocating or expanding overseas – more jobs than it did in Paris, Amsterdam and Barcelona combined.
Paris, in second place, only attracted 144 foreign investment projects.
On a country basis, the UK was top in Europe, and fifth in the world, behind the US, China, India and Mexico – up two places from the year before.
The rapidly expanding tech sector was the biggest recipient of foreign investment in the year to April, according to London & Partners, the capital’s promotional company.
IBM’s research also said that financial and business services played a significant role.
“For centuries, London has been one of the world’s most successful international trading cities and it is terrific that we continue to attract record levels of business from overseas,” said London Mayor Boris Johnson, who will be handing over the reins next May.
“London’s position at the centre of the world makes it an ideal destination for investors and international companies looking to do business with markets across the globe. Foreign investment is a key driver of jobs and growth for the London economy.”