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UK plans to use Commonwealth games to boost trade and investment

 


UK Business and Economy Updates

The UK plans to host the Commonwealth Games in Birmingham next year, facilitating investment and trade with members of an organization made up mostly of former empire possessions.

It will launch its £24 million business and tourism program on Thursday, attracting more visitors, trade, events and investment across the City of West Midlands and the country as a whole, with a focus on the other 53 member states of the Commonwealth, a common national group will fit The goal of democracy and development.

The UK government believes it could attract more than £650m of additional foreign investment and generate £7m of additional exports by 2027.

It also expects to attract an additional 39,000 visitors as a result of the campaign, which is expected to spend £12m and create 1,000 new jobs.

The program includes trade delegations, public relations campaigns and meetings with potential investors.

Games attract over 1 billion TV viewers. Since leaving the EU, the UK has been working to strengthen its trade links with Commonwealth countries such as India and South Africa. We have already signed a trade agreement with Australia.

Sports Minister Nigel Huddleston said: “The Olympics are putting the West Midlands on the map and we want to squeeze the value of every pound.” © Colin McPherson/Getty

Sports Minister Nigel Huddleston told the Financial Times: They are important to our trade.

“The game is mapping the West Midlands and we want to squeeze value out of every pound.”

He is “very confident” that the coronavirus pandemic will end and people will be able to travel freely by July next year. He said the Olympics had a “record” of economic improvement, citing Manchester in 2002 and Glasgow in 2014.

The UK said hosting the 2012 Olympic Games in London has resulted in an increase in trade and investment of £9.9 billion, costing £8.9 billion on stage.

This included an internal investment of £2.5 billion, additional exports of £5.9 billion and a high value-added foreign contract of £1.5 billion (eg assisting with site design in other countries).

The Birmingham Games will cost £780 million and organizers estimate it will generate £1 billion in economic benefits and create 23,000 jobs in a year.

Costs were reduced by utilizing the existing performance hall The only significant new infrastructure is an upgrade to Sandwell’s £73 million swimming pool and famous athletics stadium, Alexander Stadium in Birmingham.

Athletes’ quarters are under construction on the university campus and will be converted into student quarters.

Researchers have found an “Olympic effect” where countries bidding for major sporting events receive a trade boost.

In a 2008 report, Mark Spiegel, Senior Policy Advisor to the Federal Reserve Bank of San Francisco, and Andrew Kenan Rose, Dean of NUS Business School Singapore, said, “There is strong evidence of large-scale positive effects (about 30% higher). The Olympics for both exports and trade”.

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However, they found that countries that failed to bid experienced similar increases.

It was concluded that the Olympic bid is a symbol of the will to open the economy to international competition that promotes trade.

In contrast, the UK has erected a barrier to its largest trading partner, the EU, which accounts for about 45% of all trade. But it is open to the rest of the world.

Mark Gregory, former chief UK economist at professional services group EY, said the Olympics will boost Birmingham’s reputation. However, he added that business visitors could stay away as concerns about COVID-19 persist and there is a growing preference for doing business remotely to cut costs.

He points out that the target is modest given that the UK has attracted £30 billion of investment per year. “The UK share of the European market for investment in India, Australia and Canada is much higher than in any other country. I am skeptical that there is a lot of room for big growth.”

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