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London Olympic Games 2012 - Business Benefits and Opportunities

Major new report unearths the critical business benefits of hosting global sporting events for leading cities and regions.

Invest Thames Gateway, the lead international inward investment agency for the region, has launched a report, Home to Big Ideas: The Impact of Major Events on Inward Investment.

The report, by cities expert Greg Clark, commissioned by Invest Thames Gateway, uses the Olympic Games in Barcelona, Atlanta, Sydney, Beijing and the Winter Olympics in Turin and Vancouver, plus the 1998 World Cup in France and the 2010 World Cup in South Africa to draw far-reaching conclusions about the positive business effects of hosting a major global event.

To download a free copy of the report, please login or register and follow the links to the Thames Gateway Resource Centre.

Watch Greg Clark and Gareth John discuss the report on launch day...

The report highlights the following key benefits for business:

• Massive scale and pace of development connected to a major global event that create a catalyst for business investment - no single regeneration project can provide this
• Enhanced capacity for large scale co-investment that results from public backing combined with private and institutional investment
• Large scale public sector investment for major infrastructure projects and improvements instills investor confidence even in the most turbulent of operating environments
• Amenity and social infrastructure improvements, increased connectivity coupled with urban regeneration and the creation of new metropolitan space – provides critical support for the population, business and the economy
• Enhanced local support for redevelopment and growth which in turn improves competiveness amongst local firms and the labour force
• Unrivalled levels of global exposure and media attention for companies, sponsors and investors as the eyes of the world are focused on one location

Looking at the Thames Gateway specifically, the report identified a number of advantages that companies in the region had begun to experience or anticipate in connection with the London 2012 Olympics. These “first movers” show a huge range of business benefits, from new sites, space, and amenities, to more competitive supply-chains to exceptional world class infrastructure and global exposure. These companies are optimistic that the 2012 Olympic Games will provide the unique spur for business development and economic growth that The Thames Gateway is well positioned to support.

In addition, as part of the report, Invest Thames Gateway commissioned leading international pollster, YouGov, to undertake a survey into the opinion of 769 global businesses. The key findings were:

• 65% felt that major transport infrastructure improvements were key advantages of locating a business in a city or region hosting a major global event
• 68% believed that the visitor economy would benefit the most from a city or region hosting a major global event
• 52% felt that the distance and time to central London would be the most important factor in considering whether to invest in the area around the London 2012 Olympic site

Greg Clark, the report’s author said: “Through looking at previous major events and by examining the many and varied businesses and institutions that have benefited we can see key patterns emerge. In addition, the scale and pace of development gives investors a once in a generation opportunity to shape a new commercial climate. We have seen how previous summer and winter Olympics and World Cups have given key businesses locating in the city or region genuine competitive advantages.”

Gareth John, managing director, Invest Thames Gateway added: “The Thames Gateway is the most exciting regeneration project taking place in Europe. Hosting the 2012 Olympic and Paralympic Games is a major boost for business development in the region. With this report we, not only, demonstrate the impacts for business that previous games have delivered but how firms locally in the Gateway are already reaping great benefits.”

Viist the Olympic Park Legacy Company website.