IT top target for foreign investment in the UK

Despite the global economic downturn, IT is the top sector in London for foreign investment, according to Think London.

In its annual review, foreign investment agency Think London revealed that job creation had increased by 65 per cent on 2006/7.

A total of 6,152 jobs were created as a result of foreign investment in London-based businesses, 1,707 of which were connected to the IT sector.

The report also found that a record number of 178 international investors had expanded or established businesses or projects in London, for the same period, with the IT sector claiming 46 projects.

Think London found that the IT sector was the strongest sector, with fashionable start-ups such as LinkedIn establishing a base in London, as well as mobile phone giant Nokia setting up a new design centre in the capital.

Michael Charlton, chief executive of Think London said that although it will be challenging to attract international investment throughout this year and next, it is more than possible.

"We are well positioned to attract international investment, by taking a flexible approach and adapting our strategy to where the opportunities in the market exist. The emerging markets in particular will be a key focus for us and we are confident the strong leads coming out of Asia Pacific will continue."