UK to leverage Commonwealth games boost after unique Olympiad comes to an end

Last night the 32nd, and perhaps most unique, Olympic Games came to an end in a Tokyo unrecognisable from the normal global metropolis of some 37 million people. While the world’s eyes were on the city, the stands remained empty due to Covid restrictions. This has also affected the economic benefit normally brought by thousands of tourists and millions in investment before, during and after the games.

Looking to maximise this effect where its Olympic counterpart was unable to, the Commonwealth Games could lead to more than £650 million of investment in the UK and 1,000 new jobs, according to policy leaders in the region expecting a £24m Business and Tourism Programme (BATP) to help boost perceptions of the region and the UK through the event next year. Equally, it is hoped the event and its ripple effect will help secure more than £650m of investment, create £7m of additional export deals until 2027, and create 1,000 jobs – including 600 in the region.

Graham Stuart, Minister for Exports, said of the event in a separate news release unrelated to this: “The Commonwealth Games brings so many nations together and allows us to show that the UK is open for business, open to partnerships and ready to act as an independent, global trading hub to boost the economic prospects of Commonwealth partners.

With the Minister for Sport and Tourism, Nigel Huddleston, stating of the event: “Birmingham 2022 is a massive investment and tourism opportunity for the UK” The programme is geared to capitalise on the profile of the Games and its audience of 1.5 billion people.

He went onto say: “Birmingham 2022 will boost exports, attract inward investment and give both the Midlands and the rest of the UK the shot in the arm required to recover from the pandemic and create more and better paying jobs over the years to come.”

And after the event, the focus will be on supporting businesses looking to locate in the region, confirming export contracts and securing capital investment to cement the Games’ economic legacy. As seen with the London Olympics in 2012, we have seen new rail links created in East London, and improvements to existing underground and overground train services (London Olympic rail networks).

Gaurav Singh, founder of global investment network JPIN VCATS:

“The Olympics provided an example of the kind of innovation and ingenuity that has been required to survive and thrive during the pandemic, it truly is a miracle that Japan was able to play its part as hosts so well, adding to an already reliable global reputation. It is clear, however, that these games were not what Tokyo had hoped for, without fans, tourists and the economic boosts that often come with becoming, for two weeks, the centre of the world.

“Learning from this, Birmingham 2022 will look to utilise an event where 72 nations are expected to attend from around the world, including, crucially for the UK’s trade ambitions, India. A successful games not only puts the host on the map for years to come and boosts investment, both inward and external, it also provides a platform for strengthening international relations.

“The government has already made it clear that a trade deal with India is one of their top priorities, which is unsurprising given estimates that it could be worth up to £100 billion in trade. We hope that the spirit of international cooperation and unity seen in these games will soon be replicated in helping the UK and India reach their economic growth potential.”