LONDON and NEW YORK, Sept. 14 /PRNewswire/ -- London is the best city in the world to do business, the Mayor of London Boris Johnson told influential New York companies today. The Mayor had the privilege of ringing both the opening bell at NASDAQ and the closing bell at the New York Stock Exchange, as he called on high tech and cutting-edge American industries to locate in London, the top global destination for digital innovation.

The Mayor is in New York to champion 'London'. In a series of financial services and business meetings today, he encouraged New Yorkers to remember the greatness of the past, and to now prove to the world that both New York and London are as confident as ever of their dominant position in the world.

The Mayor outlined his vision of making London the business capital of the world, by creating a global centre for excellence across a range of sectors including high-tech, medical services and creative industries. He told audiences that embracing digital innovation is important for businesses on both sides of the Atlantic as they prepare for economic recovery, emphasising that London's digital landscape makes it the top place to be. With events such as the London Olympic and Paralympic Games around the corner there has never been a better time or a greater opportunity for businesses to build and showcase their digital capabilities in London.

The Mayor said: "The New York markets house some of the most impressively dynamic companies in the world and is where they go to take innovation and growth to the next level - the same is true for London. Our capital is at a turning point, with opportunities to use its energy, dynamism and diversity to excel as a world beating global city. Never before has the timing been more right for American companies to locate here.

"We have an extraordinary talent in London to develop high tech and hugely creative industries. I want to build on that reputation to ensure we lead the pack, creating new technologies. In the coming years, London will set the benchmark for successful, sustainable and prosperous large world cities and American companies should have one of the lead roles in this."

Michael Charlton, Chief Executive of Think London, added, "The UK's digital economy is worth $93 billion a year, and it is growing fast. With London already home to a number of digital and social media companies such as Facebook and Google, the city's status as a global digital hub is expected to grow. London has long been a magnet, and indeed a catalyst, for high growth companies. In fact there has never been a better time to invest in London; with a deeper and wider talent pool, lower commercial property costs, and the depreciation of sterling against the dollar, the global recession has opened a window of investment opportunity in London now."

With low cost and fast Internet connection, the capital's e-commerce reputation continues to expand at great pace. The Olympic and Paralympic Games are expected to significantly boost the momentum of the London digital media market - the first digital games in history. London retail businesses are growing as they embrace the e-infrastructure already in place in the capital. Marks & Spencer saw online sales increase almost 30 per cent during the third quarter of its financial year, despite falling UK sales, and Debenhams Direct, the retailer's online arm, showed year-to-date visitor numbers and sales up by around 40 per cent.

The Mayor's Economic Development Strategy, launched earlier this year, aims to build on the capital's reputation as a world leader in providing high value services, whilst continually improving its competitiveness. Financial services have played an important role in London's economy and will continue to do so, but the capital needs to promote all of London's strengths including sectors where London leads globally, such as:

• Law, with four of the top six international law firms based here
• Higher education, with more 'top 100' universities and more international students than any other city
• Advertising, design and other creative industries,
• Management consultancy,
• Tourism, with more international tourists than any other city in the world.
  

For more information on today's NASDAQ event, please visit: http://www.thinklondon.com/dynamic/media_centre/content/July_-_September_2009/think_digital_at_nasdaq.html.

Notes to editors

1. Mayor of London: Created in 2000, the role of the Mayor of London is to promote economic development and wealth creation, social development, and the improvement of the environment, in the UK's capital city. The Mayor chairs several boards that deliver services for London including the transport and police authorities and sets out plans and policies covering: transport, planning and development, housing, economic development, regeneration culture, health and the environment. http://www.london.gov.uk.
2. During his trip to New York, in addition to his regular Twitter and Facebook entries, the Mayor will be updating Londoners with videos that will be available on his YouTube channel www.youtube.com/mayorsofficelondon and will be writing on his travel blog http://borisjohnsonvisits.blogspot.com/
3. London is already home to a host of global digital companies including Google's wireless engineering centre, Microsoft's Search Technology Centre and the European HQ for Alibaba. The digital and e-commerce landscape in the capital is equally bright. London is regarded as the world's most wireless city with a total of 12,300 access points, it's residents are avid users of social networking sites and the capital was recently awarded the title as the global capital of 'Twitter'.
4. Rising to the Challenge - Proposals for the Mayor's Economic Development strategy can be downloaded from www.london.gov.uk
5. The Mayor's Economic Development Strategy proposes establishing a 'Promote London Council' to market the capital's existing strengths and build on work by the agencies Visit London, Think London, Study London and Film London to attract visitors, inward investment, students and film makers to London. It also sets out the priority to make London a low carbon economy as soon as possible so that it can fully exploit opportunities to develop new technologies and low carbon industries and take a greater share of the potentially huge global market.
   

ABOUT THINK LONDON

Think London is the foreign direct investment agency for London. They connect international businesses to London, helping them set up, succeed and grow. Think London is a not-for-profit, private-public partnership delivering expertise and advice to international businesses. The service is completely free, comprehensive and confidential and their experts work with government and the business community to help companies access the best people, places and opportunities in the city.

Think London's principal funding partners are the London Development Agency and a network of Commercial Partners. Other key partners are the City of London Corporation, which also provides funding, UK Trade & Investment and the business community through London First.

For more information, please visit the website at http://www.thinklondon.com

SOURCE Think London

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