London named world’s top tech hub as leaders descend on the capital
London has been named the top city in the world for foreign direct investment from overseas tech companies.
The capital attracted significantly more projects in 2018 than any other country, according to data from London & Partners.
It racked up 91 tech investment projects to the tune of £864m in the last 12 months, compared to Singapore’s 79, Paris’ 46 and New York’s 32.
Read more: UK startups break records with $4.8bn venture capital funding this year
The Department for International Trade will lead delegates from over 20 countries to London Tech Week today.
Square and Twitter chief Jack Dorsey will also announce his support for UK small businesses as part of the event, as companies fight for access to tech and information in order to grow.
International trade secretary Liam Fox told City PM the department will this week showcase UK innovation, and “drive investment into our world-leading industry”.
The findings follow data earlier in the day from Tech Nation and Dealroom, which revealed London continues to extend its lead over Europe and Israel as home to over 70 billion-dollar tech startups.
Read more: London leads Europe’s tech unicorn herd
A number of the world’s biggest tech companies have expanded into London in recent years, including Apple’s new base in Battersea and new headquarters for Facebook and Google in King’s Cross.
“London is Europe’s leading tech hub and is helping to create even more jobs and investment for the capital and the wider UK economy,” said mayor of London Sadiq Khan.
“As our city’s tech ecosystem continues to grow it’s important that we encourage greater inclusivity and diversity across the tech sector and ensure that London stays open to investment and talent from around the world.”