A study shows that the British metropolis is firmly behind its position as European technology leader, with more international investment projects in the capital than in France as a whole.
According to professional services firm EY, over 1,000 foreign direct investment projects in the sector were carried out in London between 2005 and 2014. This is well ahead of Paris, with just 381 projects (but still second in the rankings), but also ahead of France, with just 853 projects.
Even for the UK, this figure is particularly high, as it reveals that the capital’s digital industry is growing much faster than the national economy, with an average of 2.3% compared to 0.5% for the UK economy.
The timing of the EY study couldn’t have been better, as it coincides with the kick-off of London Technology Week 2015 (June 15-21), the capital’s annual celebration of all things technology, innovation and business. It also comes five years after the inauguration of the Tech City Initiative by UK Prime Minister David Cameron and Mayor of London Boris Johnson MP, attesting to its success. The Mayor will also today launch an online hub dedicated to the capital’s digital industry. The tech.london website is intended to be the go-to destination for anyone wishing to invest in the capital’s promising digital industry.
This growth is set to continue over the next 10 years, according to another study conducted by Oxford Economics for London & Partners, the official company responsible for promoting London. According to the study, the number of digital companies based in London has increased by 46% since the launch of Tech City. The sector alone employs 200,000 people, 17% more than in 2010, and these employees are on average 50% more productive than employees in any other sector in London. The digital sector is expected to contribute £18 billion to London’s economy in 2015.
Information available on londontechnologyweek.co.uk
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