In September, Neil Brigden, Head of Foreign Direct Investment at the London Development Agency, embarked on a visit to Chinese cities to engage with entrepreneurs in the Yangtze River Delta. Brigden's mission is to assist Chinese high-growth small and medium-sized enterprises (SMEs) in understanding the UK's business environment and support them in integrating into London's tech innovation ecosystem.
Brigden, an experienced international business development expert, aims to transform London into a hub for innovation, investment, and business expansion, focusing on sustainable economic growth. London is globally recognized as a leading tech center with a thriving fintech ecosystem. Emerging sectors like AI, SaaS, cleantech, and sustainability tech are attracting global startups to this vibrant city.
The London Development Agency, under the Mayor of London, promotes investment, higher education, and tourism in the region. In 2023, it completed 100 foreign direct investment (FDI) projects in London, creating 4,380 jobs—a 40% increase from the previous year. Notably, 18% of these investments came from China.
Brigden highlights London's unique concentration of tech, talent, academia, startups, growth companies, customers, and large corporations. This dense network provides entrepreneurs with access to government, regulators, policymakers, and venture capitalists, offering everything needed for business establishment and growth.
Over the past decade, the nature of Chinese businesses coming to London has evolved from large infrastructure projects to financial institutions, tech giants, and now a significant influx of high-growth SMEs. The London Development Agency provides essential information and support to international companies from their first day, helping them leverage London's unparalleled growth opportunities.
As part of its efforts, the agency launched the "Grow London" initiative in May 2023, offering comprehensive business support services. This program empowers local businesses to explore international opportunities and facilitates the establishment of overseas companies in London through its offices in China, the US, Europe, and India.
London's venture capital industry is also a major draw for high-growth SMEs. According to the "2023 Global Tech Industry Financing Report" by the London Development Agency and Dealroom, London startups raised over $12.9 billion in 2023, nearly matching the pre-pandemic 2019 figures of $33.55 billion. This amount is comparable to the combined startup financing in Paris, Stockholm, and Berlin.
Brigden believes that London's entrepreneurial spirit is characterized by innovation and resilience. He remarks that London is not only an excellent place for businesses but also provides a comfortable and welcoming environment for families of entrepreneurs.
