Friday 18 April 2008

Immediate Release

London Business backs GLA's Foreign Offices in India and China

Two-thirds of London firms support the GLA's policy of operating offices in Mumbai and Shanghai, according to a survey by the London Chamber of Commerce and Industry (LCCI).

The survey of 238 London businesses, run in association with leading pollsters ComRes, found that 67 per cent of companies said that the GLA should have offices in India and China to promote trade and inward investment into London. Only 33 per cent disagreed.

Peter Bishop, LCCI international trade director, said "These figures demonstrate that London firms are convinced of the value of operating these overseas 'business embassies'. Strong business relations with the emerging economies of India and China are vital for the capital's economic growth, creating jobs and attracting investment and tourism."

"In 2006 India was the second largest investor in London and Indian tourists outnumbered those from Japan. "

"The London Chamber of Commerce hopes that all the candidates for next month's mayoral election will take note of these results and pledge to keep these offices open. "

"The economic benefits of operating these offices in Shanghai and Mumbai far outweigh the costs. We will not grow the London economy by resting on our laurels or staying at home. If we aren't out there promoting London, someone else will be promoting Paris, Frankfurt or Moscow instead."

Ends

MEDIA CONTACT:

Jeff Postlewaite

Tel: 020 7203 1897 Mob: 07825 122 551

Email: jpostlewaite@londonchamber.co.uk

Andrew Horne

Tel: 020 7203 1911 Mob: 07827 241 528

Email: ahorne@londonchamber.co.uk

NOTES TO EDITOR:

1)      The London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation with 3,000 member companies which together employ 500,000 people across a wide range of sectors.

2)      These results come from the April London Business Leaders Panel survey, which was conducted by pollsters ComRes between Monday 14 and Thursday 17 April 2008.