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News: Trade

14 Aug 2012

Boris Johnson bids to boost international trade after Games

Boris Johnson is expected to visit all four of the Bric countries over the next 18 months as London seeks to boost international trade after the Olympics. The mayor of London is expected to add visits to Brazil, Russia, India and China, along with a number of smaller Asian nations, which make up some of the fastest growing economies in the world.

Johnson will have small groups of business leaders with him as he looks to attract foreign investment to create jobs and growth in the capital.

Government ministers are also keen to turn Team GB’s impressive gold medal haul into a boost for the economy. The Games are expected to add £1bn to the economy, with a further £10bn boost forecast in future years.

Johnson’s team at City Hall believe the mayor’s unique personality will be crucial in winning contracts worth billions to the capital. A trip to India at the end of this year is likely to be one of Johnson’s first trips to drum up international trade.

“Frankly, Boris is one of the few people who could deliver this,” said an ally of the mayor.

“His contact with sovereign wealth funds and big business leaders, as well as his draw as a political personality, is a key selling point for a lot of these people.”

Meanwhile, government ministers believe an extraordinary Games will deliver a surge in confidence in Britain abroad, leading to an increase in trade, investment and tourism.

Olympic heroes, such as Mo Farah, Jessica Ennis and Jason Kenny, can serve as “a fantastic advert for Britain for years to come”.

Jeremy Hunt, the culture secretary, said: “We really want our gold medals to turn into gold for the economy - helping to boost trade and investment for Britain.

“So far the London Games have exceeded all expectations, and we expect them to bring in billions for the economy.”

Retailers in London’s West End are optimistic that the Games will generate interest in the capital across the world. Although numbers had been down during the first week of the Games, they are now recovering.

New West End Company chief executive Richard Dickinson said: “The images of London’s West End now being seen by billions around the world can only help attract new shoppers from Asia, South America and North Africa, bringing millions of pounds in till receipts over the next four years.”

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