Dr Fragkiskos Filippaios is an expert in international business at Kent Business School, University of Kent. He comments on how the Olympics could benefit Britain in a radio interview with BBC Radio Kent (26 July 2012) and elaborates further with the comment below:
The Olympics could mark the beginning of a new era in attracting foreign investment in the UK.
Amidst a negative economic climate and the UK economy contracting, the government has ambitious plans to attract an additional £13 billion of foreign investment in the UK. The announcement of these plans was timed perfectly with the launch of the Olympic Games that will showcase UK and its potential throughout the world.
It is indeed the right time for the announcement of such a plan. UK economy is third in the world, only behind USA and China, in attracting foreign investment. Although there was a drop in the total amount of foreign investment attracted since the beginning of the global financial crisis in 2007, foreign investment data from United Nations show a considerable increase of 5% in 2011.
The negative trend seems to be reversed and the Olympics offer a great opportunity to demonstrate UK’s potential for investment. Infrastructure, energy, logistics, retail and tourism are the UK’s champion sectors in attracting foreign investment.
The target set, although ambitious, as it corresponds to an overall increase of more than 30% in foreign investment in the short term, is feasible as long as foreign investment policies are targeted and the UK keeps its open door policy to international investors.
Dr Fragkiskos Filippaios‘ previous expert comments:
7 June 2012: Andrew Tyrie ‘calls for Greece to quit euro’
24 May 2012: Will Greece leave the euro?
February 2012 Dr Fragkiskos Filippaios appeared on Cross Talk with RT News debating this issue, which can be viewed here.