British Prime Minister David Cameron will on Thursday take advantage the London Olympics to drum up big business opportunities, on the primarily date of a cycle of trade and investment events to Show off Britain during the Games.
Dignitaries such as International Monetary Fund Managing Director Christine Lagarde and the heads of international firms such as Google’s Executive Chairman Eric Schmidt are predictable to attend the first of the business events afterward on Thursday.
In overall, more than 4,000 of the world's top business leaders will attend a series of summits.
Others projected to attend Thursday’s summit include Bank of England Governor Mervyn King, Vodafone Chief Executive Vittorio Colao and GlaxoSmithKline Chief Executive Andrew Witty. A overall of 17 days of business summits are intended.
Lancaster House in central London has been made into the British Business Embassy for the Games and ministers declare £1bn in additional investment possibly will be generated in the launch weeks.
Guests at the Global Investment Conference include the International Monetary Fund's managing director Christine Lagarde and Google's executive chairman Eric Schmidt.
The Department of Trade and Industry is predicting the Olympics will generate £13bn of inward investment for UK plc in the next few years, outstripping the £9bn cost of staging the event.
Business Secretary Vince Cable told Sky News that making a profit from the Games was "realistic".
"There's what we call a business embassy base, where British businesses will be able to meet on a continuing basis with very huge numbers of superior level people approaching through London.
Dominic Geraldi, general manager of Pimlico Plumbers, assumed the Olympics are not benefit for business.
Forman's, a Hackney-based smoked salmon manufacturer, has ongoing a hospitality business on the doorstep of the Olympic Stadium, but owner Lance Forman says business has been depressed in the area.
On top of an estimated £1bn in additional sales, it is hoped UK-based companies will also win up to £4bn in longer-term contracts and a further £6bn in straight foreign investment.
Added to the £2.3bn boost predictable from tourism, this makes £13bn.
Cameron is under pressure to transform around Britain’s recession-hit economy. Britain reported on Thursday a gain of nearly 53,000 fresh jobs in the 2011-12 fiscal time from inward investment, an annual increase of 26 percent.
2012 Olympics: Good business for Britain
