As London Tech Week progressed, a number of high-tech companies have announced their investment plans into the high-tech sector in the UK. According to an announcement made by the UK government, a capital totaling to nearly 2.3 billion pounds have been injected into the UK to create 1,600 new job opportunities. The increased amount of investment will be able to provide a platform for high-tech corporate to form in the UK in order to balance against tech giants Google and Facebook.

Amazon, Mubadala and other international corporate have announced their expansion into the UK market recently. Salesforce, the largest cloud computing company favored by Chinese and American companies, has announced its investment plan of 2.5 billion USD in UK the next five years. The plan will improve UK’s businesses and growth in the high-tech industry.

Although the UK struggles under an unpredictable outcome from Brexit, London is still the most prominent city for high-tech investments. According to London & Partners, in 2017, the amount of investments and capital injection that UK received was 4 times of that in Germany, Sweden, France and Italy.

Minister of the Department for Digital, Culture, Media & Sport (DCMS), Mr. Matt Hancock reveals to CNBC in the latest conference with UK’s high-tech corporate, many remain highly confident in the development of high-tech businesses and fin-tech performance after Brexit. The UK possess a mature market and system for high-tech developments and even when Brexit takes place, London will remain to be the traditional hub for high-tech development similar to China and United States of America.

ARM, a British multinational semiconductor and software design company, was sold to Softbank years ago at a cost of 240 million pounds. The funding were distributed among UK’s high-tech development and sustainability systems to aid growth in the sector. Ocado, UK’s most prominent online supermarket is worth 10 billion USD and is the highest competitor against Amazon on the market. Hancock wishes to create partnerships with these private sectors in the UK to propel the high-tech development of the UK.

Hancock points out UK has the most unicorn companies (those worth 1 billion USD) compared to the rest of Europe. “I believe that this is due to the originality and the maturity of the start-up system in the UK, as we have a well developed high-tech sector including that for Fin tech developments. UK is a long-history financial hub, and with our technology and an educated workforce, we can further develop this industry.”

Source: Tech News