Thought for London - April 2008

London is a world leader in creative industries

This month, I visited Japan and Korea to meet both new and existing investors and to promote the investment opportunities presented by London’s predicted economic growth of $80billion by 2012.

Investment by Japanese and Korean companies into London is key to its continued success. London attracts 25% of all Korean projects into Europe and where the UK attracts approximately a third of all Japanese foreign direct investment into Europe, London accounts for one in six of these investments.

As home to many renowned electronic and automotive brands, Japan and Korea have produced a range of products synonymous with quality, reliability and design ingenuity.

While in Seoul and Tokyo I was proud to observe that many of these products are actually designed here in London! Samsung and Nissan are just two such companies who have chosen to take advantage of our world class creative talent and locate their product design centres in London.

Nissan Automotive has its European design headquarters in Paddington, central London. This state of the art studio houses 60 international designers, modellers and support staff, who work on projects for European and global markets.

Samsung, the world’s second largest electronics company creates products from home appliances to television and multimedia at its Design Centre in St John’s Gate, Clerkenwell, central London.

Both chose London thanks to language, ease of communication and the wealth of skilled talent available in the capital. With the UK market for design related activity estimated to exceed $40 billion annually, the creative industries sector in London employs more than half a million people and creates one in five of all new jobs in London.

I look forward to seeing more companies establish their creative and design centres in London and take advantage of the wealth of skilled people here. Think London is here to help businesses set up in London and globalise in order to meet their true potential.

Michael Charlton Chief Executive, Think London