South American partnerships boost the City
WITH just over one year to go until the Olympic Games, excitement is building across the capital as we prepare to welcome the world on our doorstep in a unique sporting, cultural and business extravaganza.
And while I am utterly convinced London 2012 will be a resounding success, one country has just as much – if not more – reason to look forward to the coming sporting schedule: Brazil.
I have just returned from the country where preparations for the 2014 FIFA World Cup and 2016 Rio de Janeiro Olympics are causing much enthusiasm but also some concern.
The fact that Brazil has been awarded the two most prestigious and popular global sporting events in swift succession is a vote of confidence in the country’s remarkable transformation over the last two decades.
That focus, just like London 2012, is on delivering a sustainable economic and social legacy.
Target investment of 1.59 trillion Brazilian real (£600bn) is earmarked in 2011-14 alone and this presents considerable business opportunities for City firms when it comes to designing, insuring, building and maintaining projects.
This is particularly true when it comes to public private partnerships (PPPs), which played such an important part in the London 2012 Olympic infrastructure.
Chile, which the City delegation also visited, is another dynamic market with ambitious targets to increase its public infrastructure and social welfare. The Chilean administration plans to use innovative procurement tools to rebuild the country’s infrastructure following the devastating earthquake in February 2010.
We will be exploring opportunities in this and other areas when we host Chile Day at Mansion House later this month. The event will provide a fantastic platform to share ideas, business and talent.
We must cultivate these relationships with key strategic partners so I was delighted to induct the 100th and 101st members of the Mansion House Scholarship Scheme in Sao Paulo. The success of this scheme – which funds studying, training, or work experience in the UK – reflects the high esteem that the City is held in overseas. It is especially fitting that the “100 Up” recipient is a young Brazilian woman, whose nation will play an increasingly important role.
Michael Bear is Lord Mayor of the City of London