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London, Sochi Sign Olympic Business, Marketing Deal

June 9, 2009: For fans, the 2012 Summer Olympics in London and 2014 Winter Olympics in Sochi, Russia, are just beams on the distant horizon. But the organizers of both Games have made their business and marketing strategies a priority by signing a deal that establishes a working relationship to develop the "economic and sustainability legacies" of the upcoming Olympics. Under a Host2Host strategy, UK Trade & Investment, the government organization that helps British-based companies succeed in the global economy, will work with its counterpart in Russia "to convert sporting ambition into economic success." “We know that trade is a crucial driver of the world economy, but it is not always recognized that global sporting events constitute a multi-billion pound opportunity for business," Lord Davies, the Trade and Investment Minister who signed the agreement, said in a statement. Britain has already signed a similar deal with organizers of the 2010 Winter Games in Vancouver.

According to figures released by the organizers of the Sochi Games, Russia has allocated a federal budget of more than $10 billion (U.S.) to develop Olympic venues and infrastructure in the Krasnodar region for 2014, with additional public and private investment expected to more than double that figure. “British companies have an unsurpassed track-record for expertise, innovation and professionalism in delivering major global sporting events," said Davies. "Consider that UK companies helping to deliver the [2008] Beijing Games won £2 billion of business ($3.25 billion U.S.). These ranged from consulting engineers on Olympic landmarks like the Bird’s Nest to suppliers of emergency power and temporary kitchens. [This] agreement will help us to access opportunities and showcase that talent to potential partners in an important market."


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