The Mayor of London Sadiq Khan will today make the case for stronger trade and investment links between global cities such as London and Chicago, as he welcomes Chicago Mayor, Rahm Emanuel, on a visit to the capital.
Speaking to entrepreneurs and business leaders from the UK and US at an event hosted at London start-up hub WeWork Moorgate, Sadiq will highlight the opportunities for city-to-city collaboration in areas such as financial services and technology. He will underline that London remains open to investment, talent and innovation following the EU referendum.
London is the leading global destination city for Chicago businesses looking to establish a base outside the United States, according to data compiled by London & Partners, The Mayor of London’s promotional agency.
In the last 10 years, London has attracted more Chicago based companies than any other European city and almost double the amount of the second ranked city – Singapore1. London is also the also the leading global city for foreign direct investment (FDI) from the United States, with over 1,500 investment projects creating around 60,000 jobs for the capital over a ten year time period.
Chicago-based businesses are continuing to invest in London following the UK’s decision to leave the EU, with post-Brexit investments from international law firm Baker & McKenzie, futures exchange group Eris Exchange and financial services firm TJM Holdings.
They join a number of Chicago companies that have invested in London over the past 10 years, including the insurance giant AoN which moved its international headquarters to the capital, real estate specialist Jones Lang LaSalle (JLL), and the world’s largest aerospace company Boeing.
In his meetings with Chicago business leaders and Mayor Emanuel’s delegation, Sadiq plans to build on the strong relationship between the two cities, established during his international trade mission to Chicago and New York last September.
Last year Sadiq led a trade delegation of 30 of London’s fastest growing businesses on a trip to Chicago and New York to explore export and investment opportunities.
As a direct consequence of the visit several London companies are now negotiating deals with major US clients and one London business, Rocketspeed, has already doubled its US revenue following a partnership made on the trade mission. During the Chicago visit both mayors also announced a joint initiative to establish the ‘Chicago-London City Data Alliance,’ a collaboration to continue measuring and distributing data to improve both cities.
The Mayor of London, Sadiq Khan, said: “I am delighted to welcome Mayor Emanuel to London today and to build on the excellent relationship that we formed when I visited Chicago last year.
“London is the best city in the world in which to set up or grow a business so I am delighted that Chicago companies and entrepreneurs are coming here in record numbers, bringing jobs and investment and helping our economy to flourish.
“London will always remain outward-looking and a magnet for global talent with an unbeatable blend of creativity, access to finance and a time zone that overlaps other financial centres of power.
“I am determined to strengthen the links between these two great cities and develop new and exciting opportunities for trade and investment.”
The Mayor of Chicago, Rahm Emanuel added: "The economic and cultural partnerships between Chicago and London have generated unparalleled investment and job creation on both sides.”
“Together with Mayor Khan we are going to continue to strengthen these partnerships to benefit both cities for years to come."
Technology is one of the biggest sectors for Chicago businesses investing into London. Speaking at today’s event, the Mayor of London will say London remains open for tech talent and innovation, and will urge digital businesses to follow the lead of a number of Chicago-based companies that have already established an operation in London, including online food delivery company GrubHub, e-commerce marketplace Groupon and fintech company Avant.
London’s tech sector continues to be a major draw for global investors, with London tech companies receiving £1.8 billion of venture capital investment since the Brexit vote – significantly more than any other European city. The record £1.1 billion invested in London tech firms since the beginning of 2017, further demonstrates the strength of London as Europe’s leading tech hub2.
Notes to Editors
- Source: fDi Markets from the Financial Times Ltd (data for May 2007 – May 2017)
- PitchBook data sourced by London & Partners. Downloaded as at 30/06/2017