The report, 'The contribution of Asian-owned businesses to London’s economy', is based on data from the London Annual Business Survey 2004, and was launched by the Mayor today at his Asian Business Conference in City Hall. The report shows that in 2003/04 there were almost 39,000 Asian-owned businesses in the capital providing 300,000 jobs - representing 12 per cent of total employment of all firms surveyed. The annual turnover of these businesses represents 13 per cent of total turnover for all firms surveyed.

The report demonstrates the strength of the contribution of Asian businesses to London’s economy. It also highlights the high level of entrepreneurialism within the Asian community and some of the barriers as well as enablers that face Asian businesses.

The Mayor said: ‘I have always been determined to ensure the economic value of London’s Asian community is fully acknowledged and this report clearly demonstrates how a strong Asian-owned business sector is vital to London’s economic success. It also shows the depth of contribution those businesses make.

‘I believe and have agreed with the Asian Business Association that this conference should become an annual event through which we can discuss issues and take forward the recommendations to help improve the economic climate for London’s Asian business community.

‘I look forward to working with London’s Asian Business community to ensure the future prosperity of this key sector in the capital’s economy.’

Asian Business Association Chairman Tony Sarin said: ‘I welcome this Mayoral conference and new report which, with the support of the Asian Business Association, sheds new light on the contribution and characteristics of Asian businesses and highlights the important issues we must address. This conference will provide an ideal annual forum to update ourselves on progress, pinpoint problems and solutions, and make an even greater contribution to the London economy in the future.’

To receive a copy of The contribution of Asian-owned businesses to London’s economy visit send an email to richard.brookes@london.gov.uk inserting ASIAN REPORT in the subject bar.