Press Cuttings Transcripts
Introduction by Jo Valentine, London First
Business London, Spring 2004
London is a world city and London First is determined that it will stay one,
despite the intense competitive pressures from other countries. We have
successfully retained our position as Europe’s financial centre, despite the
introduction of the Euro. London has a thriving and diverse creative industries
sector. London is one of the world’s great retail and business tourism
destinations and an internationally renowned higher education and health
centre.
One of the great business tourism opportunities lies in major conventions. These
events are particularly attractive because they bring large numbers of high
spending visitors to the city – busines tourists are only 25 per cent of the
total but represent more than one third of the spending.
This is a market dominated by Europe, although many of the conventions come from
the USA. Yet in terms of such events, London has consistently lagged behind
Paris and Brussels. The reason is simple: London has no International
Convention Centre (ICC) – somewhere that can host conventions of 5,000 or more
delegates.
The business case for an ICC has been looked at more than once; all the studies
have reached broadly the same conclusion. Such centres achieve a small gross
operating profit, but the cost of property development means that a public
subsidy is necessary. To balance this against the wider economic benefits to
the city and to the country requires politicial will and a straegic vision.
It is time to take another look. Increasingly, we live in a world of master
planning, whether it is the mayor’s London Plan, the developing plan for
Stratford or the ambitious vision for the Olympics 2012. Such projects bring a
strategic approach within the incorporation of an ICC. That is why I welcome
the mayor’s decision to create a new ICC Commission. It is timely and welcome.
What is more, it will send a clear message of confidence. In the modern world,
in which we all have to face the prospect of both uncertainty and the
unexpected, London, like other world cities, needs to focus on restoring the
confidence of both business and consumers, reassuring them that it is a safe
and vibrant place to visit.
Planning for a new convention centre would enable Visit London to enhance its
already impressive menu of visitor attractions, facilities and heritage sites.
It would also send an important message to the business world that London is
ready to meet this challenge.
We wish to commission well and ask that it be both robust and radical. We look
forward to working with it to ensure that it takes account of what business
believes and what business needs. If it can find a way to deliver an ICC for
London, we can take the position at the top of the leaague table of conference
venues that evey other aspect of London demands. Jo Valentine, Chief Executive,
London First