Asia House research informs City of London ‘Asia Next Decade’ campaign

Research by Asia House has contributed to a major City of London campaign aimed at highlighting Asia’s importance to the UK economy.

The report, ‘Asia as a financial services partner for London,’ was commissioned by the City of London Corporation as part of its Asia Next Decade campaign, launched today in London.

The campaign, which is aimed at helping the Corporation ‘shape its work across Asia over the next ten years’, includes the launch of a new website where industry partners can submit their views on Asia via an online survey.

City of London Corporation Policy Chairman Catherine McGuinness said: “I am delighted to announce the beginning of this campaign, which will influence the City of London Corporation’s thinking about where in Asia we should concentrate our efforts over the next decade to best help the UK economy.

“As the UK prepares to leave the European Union, one thing the government has made clear is its ambitions to help companies expand their operations across the world.

“Asia, which by 2025 is forecast to account for nearly half the world’s GDP, is a crucial part of this ‘Global Britain’ vision.”

The new report prepared by Asia House for the Corporation demonstrates Asia’s importance as a partner for the UK, both now and in the future. Asia is the fastest growing trade partner for the UK and is forecast to account for around half of world GDP by 2030.

In 10 years’ time, China and India will be the 1^st and 3^rd ranked world economies respectively, while Indonesia is projected to be the world’s 5^th biggest economy in 2030, just below Japan (based on Purchasing Power Parity).

UK Foreign and Commonwealth Office Minister for Asia and Pacific the Rt. Hon. Mark Field MP said: “London remains a beacon for Asia, and the UK is considered world class in many areas of interest to our friends in Asia – education, the natural sciences, the creative industries, and, of course, financial and professional services.

“Our country stands on the threshold of a new era as we leave the EU to forge an independent future, and as Minister for Asia, I am committed to promoting London’s offer to the fastest growing and most dynamic region in the world.”

The research was conducted by Asia House’s Research and Advisory service. As the Centre of Expertise on Asia, Asia House drives economic and political engagement between Europe and Asia through its in-house research, its programme of events featuring leading figures in global trade, and its corporate membership scheme.