engage magazine issue 001 spring \'06 - Page 42

42 ECONOMIC DEVELOPMENT Special Feature Developing London’s BAME Businesses The London Development Agency (LDA) is the Mayor of London’s agency for business and jobs. s the main economic development body for London, the LDA plays a critical role in supporting the growth and development of the city’s businesses, including those owned by the capital’s Black, Asian, Chinese, dual heritage and other minority ethnic groups - often referred to as Black Asian and Minority Ethnic (BAME)-owned businesses. The number of these BAME-owned businesses in London has grown significantly over the past decade. There are around 66,000 BAME-owned businesses in London, employing 560,000 people and generating a combined sales turnover of over £90 billion. In addition, there are approximately 93,000 selfemployed people from BAME communities who are also contributing to the London economy. A These businesses and individuals are therefore making increasingly major contributions to the London economy in terms of job creation, employment, gross domestic product, income and wealth creation. BAME-owned firms are no longer limited to operating in the ethnic niche and traditional markets. An increasing number of entrepreneurs are now running successful multi-million pound businesses in mainstream and international growth sectors such as banking and financial services, business and professional services, ICT, media, fashion and manufacturing. Many of them are also building international trade dimensions into the core of their business activities and there has also been major growth in the number of businesses owned and managed by women from the different BAME communities. engage SPRING ISSUE 2006