By Daniel Hunter
Trade Minister Lord Green and Olympics Legacy Ambassador Seb Coe vowed to build on the success of the Olympic and Paralympic Games by working with industry to promote British skills, products and services around the world.
An Olympics Legacy programme of trade missions, promotional events and export and marketing advice for UK companies delivered by UK Trade and Investment will build on the success of the British Business Embassy programme of 18 business summits, which concluded last week.
Seb Coe, LOCOG Chair and recently appointed Olympics Legacy Ambassador to the Prime Minister said:
"The extraordinary success of the London 2012 Games has shown the best of Britain to the world and now our focus turns to securing a lasting legacy. We have already witnessed the incredible regeneration of east London, with world class facilities and a new urban park created.
“We now need to ensure that organisations up and down the country use the positive impact generated by the Games to reach out to new markets and grow their businesses. The British Business Embassy at Lancaster House has brought together business leaders from the UK and all over the world in a showcase of Britain's industrial strengths and successes.
“We had a once-in-a-lifetime chance to demonstrate British business excellence to the world, and we are making the most of this opportunity.”
Trade and Investment Minister, Lord Green, said:
“The Games have provided a golden opportunity to enhance our status as a leading business partner and destination for investment.
“The British Business Embassy has hosted 4,000 business people from large and small firms alike. The connections they have made will deliver real economic dividends.
“We are now working hard, alongside firms around the country to follow up the contacts, networks, announcements and momentum created by the Games.”
Following the Olympics, initiatives to promote UK businesses will include:
· ‘Great Britain Delivers’ - a multi-media showcase taking the message to the world that the UK can deliver major global projects on time and on budget.
· Further British Business Embassy programmes at major international events including the Sochi Winter Olympics in 2014 and subsequent Games, including the Commonwealth Games in Glasgow in 2014.
· Trade missions to countries set to host the Olympics, Winter Olympics and the FIFA World Cup in the coming years, including Brazil, Russia and Qatar, to export the expertise and skills of UK firms. An estimated £1.5bn worth of contracts have been identified flowing from Sochi 2014 and Rio 2016.
Overall, hosting the Olympics is forecast to deliver around £13bn in economic benefit to the UK in the coming months and years.
This includes £1bn of extra sales for businesses taking part in the British Business Embassy programme, £4 billion of high value overseas opportunities for UK firms in markets including Brazil, Russia and China, £6bn of inward investment and a £2.3bn boost to tourism.