London tech start-ups visit China to explore new opportunity

LONDON - Eight of London's fastest-growing tech companies are in China this week in a drive to forge stronger trade links, win new business opportunities and show that London is open for business, London & Partners, the Mayor of London's official promotional agency, said on Tuesday.

The eight entrepreneurs are visiting Shanghai, Shenzhen and Hong Kong as part of an international trade mission organized by the Mayor of London's International Business Program (MIBP).

The businesses travelling to China represent some of the most innovative B2B tech companies in London, spanning medicine, education and fintech. They include Boclips, the world's largest video library for education, Medical Realities, a VR teaching and training platform for medical students, and Opportunity Network, which connects CEOs and business leaders with potential mergers and acquisitions.

According to London & Partner, China and London have long-standing business connections. The amount of Chinese investment into London has increased more than ten-fold since 2006. In the first half of 2017, Chinese investors have committed 180 million pounds ($243 million) to the capital, nearly double the amount seen in the first seven months of 2016 (53 million pounds).

Rajesh Agrawal, Deputy Mayor for Business, said: "China is the fastest growing large economy in the world and is emerging as a tech and innovation powerhouse. It makes perfect sense for these companies to visit the country and develop closer ties.

"London and China already have an excellent trading relationship and I wish these eight companies the best of luck as they look for new trade and investment opportunities," he added.

The trade mission to China is the latest overseas visit organized by the Mayor's International Business program, which helps the capital's high-growth firms to break into new international markets or grow their existing operations overseas.

London & Partners is the Mayor of London's official promotional agency. Its purpose is to support the Mayor's priorities by promoting London internationally.

The Mayor's International Business Program, is a program partly funded by the European Regional Development Fund (ERDF) which aims to support high-growth companies in the life sciences, technology and urban sectors to increase their export success across a range of key markets in Europe, Asia and North America.