Think London, the foreign direct investment agency for London, said it had created 6,152 jobs in the UK capital during the last year and contributed £710m to the London’s economy. In its annual review it said job creation increased by 65% on 2006/7, with a record number of 178 international investors expanding or establishing businesses in London.
Michael Charlton, chief executive, at Think London said: ‘We had an excellent year in 2007/8 beating our targets on all fronts and given the bear market, this is a fantastic achievement.
However we cannot be complacent. We realise that 2008/9 will be challenging, but we are well positioned to attract international investment, by taking a flexible approach and adapting our strategy to where the opportunities in the market exist.
‘The emerging markets in particular will be a key focus for us and we are confident the strong leads coming out of Asia Pacific will continue. The opportunities around London 2012 will also be significant and we have a strategy in place to leverage this by undertaking a number of initiatives during and after the games in Beijing.'
According to the annual review, the US remained the largest investor in London and then followed by India.
CB Richard Ellis’ head of UK research Peter Damesick who was speaking at the launch of Think London’s annual review last night, said: ‘London's continuing success in attracting foreign business investment is hugely encouraging and vital for the city's prosperity.
'The strong parallel flow of overseas capital into investment and development in London real estate is a further major contribution to shaping the city's future. Foreign investors and developers are playing a key role in regeneration projects and the creation of new office, shopping, leisure and residential schemes across the capital.’
Mayor of London, Boris Johnson, said: ‘London continues to maintain its position as the economic engine room of the nation through the nurturing of the skills and development of its home-grown talent as well as the vital stream of foreign direct investment which contributes £52bn to the capital's economy each year.’