Government department UK Trade and Investment (UKTI) held a British Business Embassy during London 2012 to generate internal and international investment for businesses, setting a target of reaching £11 billion ($18.7 billion/€14 billion) by 2016.

A Olympics Legacy Report claims that that target has already been beaten just two years in from businesses securing contracts, additional sales and new foreign investment.

Cameron will address the Commonwealth Games Business Conference at Glasgow City Chambers later today just hours before the Opening Ceremony of the Commonwealth Games.

British Prime Minister David Cameron will address the Commonwealth Games Business Conference in Glasgow later today ©Getty Images



He will tell them: "Part of our long-term economic plan is about promoting every part of our country to the world and Glasgow's Commonwealth Games will give us another fantastic platform to do this.

"It follows on from London 2012, which was not just an amazing sporting event, but also a great opportunity to secure a lasting economic and sporting legacy for the whole UK.

"This Government will continue to work on behalf of every hardworking business in the UK to drum up trade, encourage investment and pave the way for growth so we can generate jobs, pay our way in the world, and create stability, security and a brighter future for our country.

"I am confident we can build on our experience in London and make Glasgow 2014 so much more than just an amazing sporting event."

Cameron is also set to announce a raft of new trade and investment deals that are said to be worth over £200 million ($341 million/€253 million) to the British economy.

The newly-released UKTI Inward Investment Annual Report published figures showing record levels of foreign investment for 2013-2014 with 1,773 projects spread across the UK claiming that it created 66,390 new jobs and safeguarded 44,971.

The UKTI report claims that more than 100,000 jobs have been created or protected in Britain through inward investment from 2013 to 2014 ©UKTI



The report highlights how hosting major sports events can bring about benefits that improve people's lives and help sell the best of Britain to the world.

It claims that £150 million ($256 million/€190 million) worth of business contracts have been secured by 40 companies for the 2014 FIFA World Cup that has just finished in Brazil as well as for the Rio 2016 Olympic and Paralympic Games.

Former head of London 2012 and the Government's Olympic and Paralympic Legacy Ambassador, Sebastian Coe said:  "This report shows just how much is happening across the country to keep the spirit of London 2012 alive two years on from the Games.

"The country has taken the inspirational performances of our athletes and the uplifting public spirit seen during those few weeks in 2012, and built on it, whether through community projects, volunteering, and new sporting facilities, or through new ways of working together and improved trade relationships.

"This report celebrates some of those achievements, but there are many more examples happening all across the country.

"I look forward to the next twelve months of this legacy journey."

International visits to the UK increased by 6 per cent in 2013 to 33 million with a 13 per cent increase in visitor spend to £21 billion ($36 billion/€27 billion) following London 2012, according to the report.

In terms of a sporting legacy, it is claimed that more people than ever before are playing sport with 1.7 million more than in 2005 when London was awarded the Games, while a new £18 million ($30 million/€29 million) National Lottery fund has been launched to improve sports facilities in primary schools.

Paralympic sport has also benefitted with Sport England committing to spend over £170 million ($290 million/€215 million) in disability sport between 2013 and 2017.

It also highlights the regeneration of London's East End, including the reopening of the Queen Elizabeth Olympic Park and the 2,800 homes converted from the Athletes Village to residential housing, while proceeds from the sale of Village have gone to supporting sport, arts and volunteering projects across the country.

The East End of London has seen massive regeneration owing to the London 2012 Olympic and Paralympic Games transforming its economy according to the UKTI ©Getty Images



"By common consent, London wowed the world when it staged the 2012 Olympic and Paralympic Games," said Mayor of London Boris Johnson, present at the Bird's Nest Stadium in Beijing to officially accept the Olympic flag at the 2008 Olympic Games Closing Ceremony.

"Two years on from that golden summer we are accelerating the transformation of Stratford and beyond.

"Queen Elizabeth Olympic Park is now reopened and ambitious plans are in place to develop a constellation of educational, artistic, technology and cultural institutions on the site to strengthen our lead as a global force in these sectors and deliver tens of thousands of jobs.

"This is a living legacy that is reaping economic and social dividends not just here in London but across the UK."

Today's Commonwealth Games Business Conference is the first of a number of events set to take place at the British Business House which runs until Friday (July 25).

The House aims to showcase the "Best of British" and will provide a base for businesses, Ministers and industry leaders to take part in roundtable discussions, sector-themed seminars hosted by Ministers and networking opportunities.

For more details click here.

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