November 4 - Nearly £2 billion worth of Olympic and Paralympic-related contracts are still up for grabs, businesses attending the London 2012 Business Summit at ExCeL were told today.
More than 500 businesses from across the UK heard that, with less than 1,000 days to go to the London 2012 Olympic and Paralympic Games, there are still approximately £1.7 billion worth of contracts to be awarded by London 2012 and the Olympic Delivery Authority (ODA), which will generate thousands of additional business opportunities through the supply chains.
Firms learnt about Olympic and international sporting business opportunities and the Government support on offer to help UK businesses shape up to win contracts.
Key procurement leaders from ODA and London 2012 were also on hand to provide businesses the opportunity to pitch their company’s credentials.
Peter Mandelson, the Business Secretary, said: "Today’s event showcases the £1.7 billion still on offer for businesses in the London 2012 Olympic project, and the springboard it provides to win business in other sporting events worldwide.
"With both Government and business working together, companies of all sizes across the UK can share in Olympic gold."
Companies attending were encouraged to use the experience of London 2012 to target contracts on offer from other host nations including Canada, hosts of the Vancouver 2010 Winter Games, South Africa, which is staging the FIFA 2010 World Cup, Russia, where Sochi is putting on the 2014 Winter Games and Brazil, which has both the 2014 FIFA World Cup and the 2016 Olympics and Paralympics in Rio de Janeiro.
The Olympics Minister Tessa Jowell said: "Today shows that there are still plenty of opportunities for British businesses to benefit from the Olympics. In these tough economic times London 2012 is helping to keep order books busy.
"The skill and ingenuity of the whole country is helping deliver the Games, which are on time and on budget.
"With host countries like, Russia, Brazil and South Africa needing to develop their infrastructure beyond just the sports events there is huge potential for UK businesses to get involved and London 2012 opens the door for them."
London 2012 revealed it will begin ramping up its procurement in the autumn awarding over £700 million of contracts in eight sectors including technology, security and ceremony delivery.
While the majority of the ODA’s contracts have now been let, there is still up to a billion worth of goods and services still to be procured.
Contracts available will include facilities management, design and temporary construction.
Sebastian Coe, the chairman of London 2012, "There are now less than 1,000 days to go until the start of London 2012 and already millions of people are being inspired by, benefitting from and delivering the Games.
"Businesses all over the country have already won billions of pounds worth of contracts with the ODA on the construction of the Olympic Park, which is within budget and on schedule – a testament to the quality of work done so far.
"LOCOG, the Organising Committee, now moves from planning to delivery and as we seek to procure the goods and services we need to stage a successful Games, we will be contracting around £700 million worth of work.
"From 900,000 pieces of sporting equipment to 17,000 or so beds for the Olympic Village, opportunities exist for companies of all sizes to be part of London 2012.”
More than 1,000 companies from across the UK have already won £5 billion worth of work directly with the ODA while thousands more have benefited through the supply-chains.
Of ODA’s direct contracts, 98 per cent have gone to businesses in the UK, half of these based outside of London and over two-thirds are small to medium sized enterprises.
Many of the new opportunities will be procured through CompeteFor – the online "London 2012 dating agency for businesses" – a website which was set-up specifically to link potential suppliers and buyers in the London 2012 supply chain.
Companies registered on this site can use the Solutions for Business products such as Train to Gain, the Manufacturing Advisory Service and Accessing International Markets.
Already 40,000 businesses have been helped by Business Link as result of their interest in the Games.
International companies registering are being contacted to scope inward investment potential and opportunity.
The Government is also working with sponsors to help companies capitalise on London 2012, with these partners offering advice and support.
There is also considerable scope for the tourism and retail sectors to benefit, as well as companies looking to develop the Olympic Park after the Games, the Summit was told.