London Tech Week: A Showcase of UK Tech Prowess
Just weeks after the United Kingdom signed its largest post-Brexit trade deal with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country is experiencing a surge of investment from the Asia Pacific (APAC) region.
With over £100 billion in investment funds flocking to London, the city is hosting an unprecedented tech and investment bonanza.
London Tech Week, the UK’s largest technology event, is providing a platform for cutting-edge British tech firms to pitch multi-million-pound deals to APAC investors.
APAC Investors Eager to Fund Innovative Projects
The APAC delegation, the largest ever to visit London Tech Week, is comprised of investors representing funds exceeding £100 billion. They are seeking opportunities to invest in innovative projects across various sectors, including fintech, clean tech, life sciences, and artificial intelligence.
As day one of the event begins, significant business deals have already been secured between APAC investors and UK tech firms.
Later in the day, the Minister for Investment, Lord Johnson, will lead further investment talks at the iconic London Eye.
Strategic Partnerships Forming: Sunway Group and Deeptech Labs
A notable partnership taking shape is between Malaysia’s Sunway Group, a leading conglomerate in Southeast Asia, and Cambridge-based venture capitalist firm Deeptech Labs.
This collaboration aims to accelerate the growth of net-zero technologies and create new opportunities for UK startups in the APAC region. The partnership will be officially signed on the banks of the River Thames, followed by additional lucrative deals at the London Eye.
Throughout the event, 25 tech firms will have the opportunity to pitch their latest innovations to investors within a 30-minute timeframe.
UK’s Tech Superpower Status Attracts APAC Firms
The Minister for Investment, Lord Johnson, expressed his confidence in the UK’s tech sector, stating that London Tech Week demonstrates the country’s position as a science and technology superpower and the best place to invest.
The recent success of securing the CPTPP trade deal has generated significant interest from APAC investors, leading to substantial investments in British tech companies at the forefront of innovation.
Relocation of APAC Tech Firms to the UK
The surge of APAC investment extends beyond financial contributions. Several APAC tech firms have announced plans to move their headquarters to the UK, further solidifying the country’s appeal as a prime business destination.
Notable examples include Japanese startups Datagusto and Qufooit, as well as New Zealand’s booking platform Enrolmy. Further announcements of similar nature are expected throughout the week.
Government Support for Tech Exports and Investment
To facilitate tech exports to the APAC region and encourage more investment, the UK government has unveiled additional support measures. Oxfordshire-based Intralink has been awarded a contract to run the new UK-APAC Tech Growth Programme under the Digital Trade Network (DTN).
This initiative aims to assist UK tech companies and entrepreneurs in trading with APAC countries. Furthermore, the DTN will expand its reach to Taiwan and Vietnam, ensuring UK exporters gain access to digital tech expertise and receive support in market access and digital trading systems.
Promising UK-Australia Free Trade Agreement
The APAC delegation also includes an Australian tech mission, aiming to maximize the benefits of the UK-Australia free trade agreement, which came into effect last month. This demonstrates the collaborative efforts between the two countries to foster growth and innovation in their respective tech sectors.
London Tech Week: A Global Tech Appeal
Janet Coyle CBE, Managing Director of Grow London, London & Partners, emphasized the importance of the relationship between UK tech companies and APAC investors in unlocking growth opportunities and expanding into new markets.
She expressed excitement about introducing international investors to the UK’s top tech talent during London Tech Week, highlighting the global appeal of the country’s tech sector evident in this year’s event.
UK Tech Sector Leads the Way
London Tech Week serves as a testament to the UK’s remarkable post-Brexit progress in the tech industry. With a significant influx of investments from APAC and the country’s position as a global tech superpower, the UK is solidifying its leadership in groundbreaking advancements.
The event not only showcases the country’s cutting-edge innovations but also strengthens ties with the APAC region, unlocking immense opportunities for both inward investment and outward expansion.