Adapting to different culture is paramount for businesses hoping to succeed beyond their home markets, according to Laura Citron, CEO of London & Partners.
Citron was speaking on Leaders Lounge, a joint project of CGTN Europe and CCCUK about the UK capital's role as a global business hub and its appeal to Chinese companies.
"Company culture is a significant challenge," she explained. "Translating a culture internationally is essential for growth, particularly for innovative businesses." London & Partners, which is backed by the Mayor of London to promote growth in the city, is committed to facilitating connections between Chinese investors and key players in the UK market to streamline their entry.
Citron, who has extensive international experience, highlighted the importance of understanding the needs of international investors. "I've been really lucky that in my career I've lived in lots of different countries," she said. "That has helped me empathize better with our international investors and think about how we support them in navigating a system that might be unfamiliar."
China remains a key market for the company, which promotes the UK capital as a prime destination for global investment. Citron noted that while traditional sectors such as real estate and financial services still attract investment, there has been a marked shift towards innovation and technology. "We are much more focused on finding that new innovation and encouraging innovative new companies to expand into London," she stated.
Global talent
As the investment landscape evolves, Citron pointed to the growing success of Chinese companies in sectors like fintech, smart cities, electric vehicles, gaming technologies, and life sciences. "London is a great place to scale a business," she asserted, emphasizing the city's role as a gateway for Chinese companies looking to establish a foothold in Europe.
Despite uncertainties following Brexit, Citron remains optimistic about London's prospects. "London has one of the most diverse and skilled workforces in the world," she said. "Talent is still the number one reason investors choose London." Major Chinese firms, including Baidu, Tencent, and Alibaba, have successfully established operations in the city, benefiting from its rich talent pool and international business environment.
The interview also touched upon the distinct characteristics of Chinese investors compared to those from other countries. Citron noted that Chinese firms often enter the international market at a later stage of development, typically well-established and often publicly listed in China. In contrast, investors from European cities like Paris or Berlin may seek opportunities in London at an earlier stage.
Looking forward, Citron is hopeful for the future of UK-China relations. "I believe that China will remain a vital market for London," she remarked. "While geopolitics may shift, the fundamental trading relationship will likely endure, and we look forward to continuing our partnerships with Chinese companies."
As London & Partners prepares for the next decade, Citron expressed excitement about the potential for collaboration with both established companies and emerging Chinese startups, positioning London as a pivotal player in the global investment arena.
This interview is part of the CGTN Europe and CCCUK's Leaders Lounge series. Other guests include Sherard Cowper-Coles and Stephen Perry.