Asian investors lure tech cash to London as ministers

Tech news
solo12 June 2023Last Update : 4 months ago
Asian investors lure tech cash to London as ministers

Asian investors are set to descend on London this week as the government tries to lure foreign cash into Britain’s tech sector in a post-Brexit investment offensive.

A delegation of Asia-Pacific investors representing around £100 billion will head to the capital for London Tech Week, where a number of tech companies are set to pitch investors at an event at the London Eye today.

Natalie Black, trade commissioner for Asia Pacific, said the grouping of investors was “record-breaking” and pointed to “deepening ties with countries around the world”. [Asian trade bloc] CPTPP”.

The investment attraction offensive comes amid a wider drive to boost trade and investment links with Asian countries after Brexit. The UK signed its biggest post-Brexit trade deal with the Asia-Pacific trade bloc, signing the CPTPP in March.

In a statement today, Lord Johnson, the investment minister, said London Tech Week was a chance for the UK to show it is a “science and technology superpower” and “the number one place to invest”.

“Just weeks after successfully negotiating our biggest post-Brexit trade deal with the CPTPP, we are seeing huge interest from investors across the region, with millions of pounds being invested in world-leading British technology “

“Building closer ties with our friends in the Asia Pacific region is creating enormous opportunities for inward investment, as the UK continues to lead innovation in science and technology.”

The Department for Trade and Business said a host of firms would also announce they were swapping their headquarters for London this week, including Japanese startups Datagusto and Kufuite as well as Kiwi booking platform EnrollMe.

The Asia-Pacific push at London Tech Week this week follows an £18bn commitment from Japanese investors to pump cash into the UK.

The government is scrambling to boost its ties with Asia after a sharp drop in trade post-Brexit. The Office for Budget Responsibility (OBR) predicted last year that breaking away from the EU would mean the UK’s trade intensity – a measure of the country’s integration with the global economy – would be 15 per cent lower in the long run than if it had stayed in the bloc. .

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