While the September 11, 2001 terrorist attack on the World Trade Center had a tremendous impact on New York City's economy, our City is well on the road to recovery.

Substantial progress has been made in clearing the World Trade Center site and repairing damaged buildings and infrastructure. A wide array of business assistance and grant programs has been implemented, and exciting new office, residential, cultural, and transportation projects are being planned.

Thanks to record reductions in crime and taxes, fiscal integrity, and a much-improved quality of life, the City's economy prior to the attack was remarkably strong, even outpacing the rest of America in job growth. New York City's new Mayor, Michael R. Bloomberg, has a keen understanding of business, the global economy and job creation, and his policies are already having a positive impact on the City's ability to attract and retain businesses.

With local, State, and Federal agencies working together, the City will emerge from this tragic event stronger than ever.

New York City's strength is in large part derived from its position as America's center of world trade and finance, as well as its talented pool of workers. Its relationships with partners from all over the world, including the United Kingdom and its sister city of London are also key. As many as 230 British companies have offices in New York City, including nine major bank subsidiaries that hold over $50 billion in assets and employ almost 3,000 people, and of the 100 largest investments in the United States by a foreign investor, 21 are by British companies, seven of which have subsidiaries in New York City.

While the business conducted between New York City and the United Kingdom is vital, the bond between the two is much more than just economic. Witness the tremendous support and sympathy the British government and citizens extended to New York City in the wake of the Trade Center attack.

Just weeks after September 11th, a consortium of British companies proceeded with a long planned, two-week citywide program of free events that showcased the best of contemporary Britain, helping to support New York City's tourism industry and raising the City's spirits high. The former Lord Mayor of London, Sir David Rowe-Ham, then joined 500 British tourists at a gala dinner to help New York City celebrate its receiving the Automobile Club of America's Five Diamond Award, the most coveted symbol of excellence in the tourism and hospitality industry.

These are but a couple of examples of how businesses and government from the United Kingdom reached out to New York during its darkest hour, bringing comfort and commerce and a good measure of calm in the best British tradition.

The New York City Economic Development Corporation (EDC) is committed to continuing and strengthening this special relationship, and has assisted British companies in New York City, as well as American companies doing business in the United Kingdom, with a comprehensive assortment of tax incentives, sales tax exemptions, energy cost reductions, low-cost financing, investment capital, and other business services.

Transactions include the financing of a $115 million renovation of British Airways' passenger terminal at John F. Kennedy International Airport, with an additional $100 million set to fund further renovations. In June 2001, New York City and Reuters celebrated the grand opening of Reuters' North American Headquarters in the heart of revitalized Times Square, which was made possible, in part, by an incentive package that offered the company sales tax exemptions and employee growth credits.

With EDC's help, Reed Elsevier, Inc. is planning to consolidate its New York City operation in two facilities; London-based Searchspace Limited entered the American market; and web design firm Bluewave has made a huge splash in Silicon Alley.

EDC is proud of these success stories and will continue to work towards making New York City a desirable place to live, work, and grow a business. We look forward to the continued growth and prosperity of the great partnership between the United Kingdom and New York City, and invite you to contact us at www.newyorkbiz.com

The New York City Economic Development Corporation is the City's primary vehicle for economic development services. Using its real estate and financing resources, EDC helps develop businesses and create jobs throughout the five boroughs.