Agenda item

Report of the Director of Economic Development.

Members received an update report on the work of the Economic Development Office over the month of May 2018. This report was discussed at the same time as item 9 of the agenda (Progress Paper: India-UK FinTech Initiative).

The Director of Economic Development tabled a paper, which gave an overview of job moves in the City, with many jobs moving to Paris and Frankfurt. Members heard how the three key areas of focus for the Economic Development Office were: a) Brexit and the future relationship, especially the talent strand of the three T’s, b) US and Switzerland, and c) Asia.

The Special Adviser for Asia then gave a presentation on the recent work of the Asia team. The presentation covered the Asia Next Decade campaign, the Policy Chairman’s recent visit to the Luijiazi Forum in Shanghai, the political situation in China, the Green Finance Institute, the Belt and Road Initiative, the Policy Chairman’s engagement with TheCityUK China Market Advisory Group, work in ASEAN and Japan, amongst other things.

The Policy Chairman asked for the report of the Policy Chairman’s recent visit to China, as well as a reminder of the core Asia priorities, to be reported to the next meeting of the Public Relations and Economic Development Sub Committee. The Sub Committee also asked later for a report to be submitted on the Economic Development Office’s business objectives to its next meeting.

Members discussed engagement with Commonwealth countries more broadly, with two Members of the Sub Committee having recently had lunch with Governor Generals of the Caribbean. The Director of Economic Development advised Members of the long-term work that was being undertaken in partnership with HM Government following the Commonwealth Business Forum, in two areas: infrastructure and development finance.

In addition, there was discussion surrounding the creation of the Green Finance Institute, which had recently been approved by the Resource Allocation Sub Committee. Members heard how it compared with the international Green Finance Institute and also heard about the positive feedback that the Policy Chairman had received, due to the City Corporation’s contribution to the Institute, during her visit in Switzerland in meetings with the World Economic Forum.

The Policy Chairman highlighted to Members how there had been an improvement in working as one team across the organisation and that the Lord Mayor’s and Policy Chairman’s overseas visits were now better sequenced.

Moreover, Members discussed how, currently, the Court of Common Council only heard about the Lord Mayor’s overseas visits, rather than the Policy Chairman’s visits too. It was suggested that as the Lord Mayor’s oral update increases the duration time of the Court, that a written joint report of the Lord Mayor and the Policy Chairman be submitted each month instead.

The Director of Economic Development advised Members that a journalist from Sky News had heard of the Sub Committee’s decision to not renew the Special Representative for the City to the EU’s contract in August and that a press release had been written including comments from the Policy Chairman on the important work that the post-holder had delivered.

Members were in agreement that the next few months were a critical time for the City as the Government navigate the Brexit process.

RESOLVED, that:

·         The report of the Policy Chairman’s recent visit to China be submitted to the next meeting of the Public Relations and Economic Development Sub Committee;

·         A report of the core Asia priorities be presented at a future meeting of the Sub Committee;

·         A report of the Economic Development Office’s business objectives to be reported to the next meeting of the Sub Committee;

·         It be recommended to the Policy and Resources Committee to review whether the Court of Common Council should receive a joint written report of the Lord Mayor and the Policy Chairman on international engagement, to replace the Lord Mayor’s oral update to the Court on his visits; and

·         That the report and the content of the monthly highlights newsletter be noted.