Think London creates over 6,000 jobs in the Capital

Jul 17, 2008

Think London, the foreign direct investment agency for London, brought good news to the City today, announcing it created 6,152 jobs in the UK capital during 2007/8 and contributed £710 million to the London economy.

Its annual review revealed Think London has had its most successful year to date, smashing its targets on all fronts. 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, 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, creating nearly half (44%) of the total number of jobs (2,739), followed by India (825 jobs). The ICT sector proved the strongest sector, with exciting companies such as LinkedIn, the leading online network establishing a base in London, as well as Nokia setting up a new design centre in central London.

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 £52billion to the capital’s economy each year. Think London plays a crucial role in courting the interest of foreign companies and this is clearly evident with 178 international investors establishing businesses in the capital last year. I congratulate Think London on last year’s success and look forward to working closely with them in the coming years to repeat, and better this success”.

Peter Damesick, Head of UK Research from CBRE 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.”

Think London’s annual review will be launched at an international business reception this evening. The Mayor of London, Boris Johnson will be speaking at the event, alongside Michael Charlton, Chief Executive of Think London and Peter Damesick, Head of UK Research at CBRE.

Click here to download the review or watch a short clip about our successful last year.