Multi-million pound impact of IFB2016 revealed

The International Festival for Business 2016 (IFB2016) is expected to deliver millions in sales and stimulate jobs growth, according to a new independent evaluation.

The three-week event, held in Liverpool earlier this year, is forecast to give the businesses that took part a £250m boost and create more than 2,000 jobs.

IFB2016 was held from June 13 to July 1 and attracted tens of thousands of businesspeople to the city region from all over the world.

In total, 103 international delegations representing 800 companies came to the festival, in addition to thousands of UK businesses and individuals.

An evaluation commissioned by the Mayor of Liverpool’s economic development agency, Liverpool Vision, has today (November 4) revealed that over 500 UK businesses either secured or expect to secure £87m in export sales as a direct result of IFB2016.

Further, more than 850 UK firms secured, or expect to secure, domestic sales to the tune of £145m.

The report also found that the festival increased businesses’ interest in exporting. Just over one in ten (13%) of UK-based participants have now started exporting for the first time. Of those already trading overseas, 17% said they are now exploring new export markets.

It was likewise discovered that 250 UK firms expect to attract around £10m of overseas investment from taking part in IFB2016, while 300 expect to secure about £12m from UK-based investors.

Estimates have placed the value of the festival for the city region’s visitor economy at £3m.

Joe Anderson, the Mayor of Liverpool, said: “IFB2016 was a brilliant platform to boost UK business and showcase the UK’s offering to the world.

“It was also a brilliant opportunity to showcase Liverpool. The findings of the research show that this year’s event has built on the success of IFB2014 and delivered tangible benefits to UK businesses and communities.”

IFB2016 chair Max Steinberg, the chief executive of Liverpool Vision, commented: “This report shows IFB’s strong impact on the UK economy – both in terms of sales delivered and investment secured, but also as a platform for UK businesses to connect with global partners, create valuable connections and develop new international networks.

“Removing barriers to international trade and enabling collaboration is at the heart of the IFB vision and we’re delighted to be celebrating another successful festival in 2018.”

Commenting on the findings, festival director Ian McCarthy said: “This very extensive survey of business participants in IFB2016 demonstrates that the festival provides a great platform for internationally ambitious SMEs.

“Our ambitions for IFB2018 are even greater and we’re looking forward to delivering a rich, vibrant festival that brings the global business community together to innovate, connect and collaborate, all within our fantastic city region.”

He continued: “The Liverpool City Region has once again shown its ability to deliver an outstanding global business festival. We delivered a world-class conference experience to thousands of delegates and our host city delivered a friendly welcome to the thousands of attendees.”

IFB2016 was delivered by Liverpool Vision in partnership with UK Trade & Investment (UKTI) and the GREAT Britain Campaign with support from the government.

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