£6.3 billion

£6.3 billion

London currently ranks as the number one destination for tech and venture capital investment in Europe, attracting £6.3 billion in venture capital investment in 2018, more than any other European country.

During London Tech Week that took place from 9 June till 16 June 2019 and attracted over 600 businesses and government representatives from over 20 countries, it was revealed that the investment in the UK’s tech industry would be critical to the country’s economic prosperity.

In 2017 and 2018, Forbes named the UK the best place to do business in the world. And today the Department for International Trade (DIT) is seeking to strengthen the UK’s position as the leading destination for tech investment in the EU to firmly establish ‘Silicon UK’.

Global tech firms including Google, Microsoft, Amazon and Facebook joined major international delegations and UK firms showcasing British innovation in smart cities technology, artificial intelligence (AI) and fintech, in an effort to attract more international investment and commercial partnerships with global firms.

DIT partnered with a number of organisations including London & Partners, PwC and EY on events including deep dive sessions on ‘scaling up’ in the UK, speed dating events for small businesses with venture capital investors and networking receptions for businesses looking to set up operations in the UK.

The Secretary of State for International Trade, Dr Liam Fox MP, was responsible for leading four new regional trade missions, each focused on the Government’s Industrial Strategy Grand Challenges. The first four of these will take place this year and act as a catalyst for sustained international engagement on issues of trade, cutting edge research and the future of public policy with international partners around the world.

Source: MIB

Related Articles

MIB Staff is a collective of journalists, covering the topics of economy, financial law and entrepreneurship as well as carrying out business management research and building online profiles of world-renowned business leaders.