We break down complex business news to help you understand how money moves in Chicago and how it affects you.
Mayor Brandon Johnson will travel to London this month with World Business Chicago and Choose Chicago to help the agencies promote Chicago as a tourist destination and bring in more international investment.
“This trip is about positioning Chicago on the global stage as a premier destination for visitors, business and innovation,” Johnson said in a Friday news release. “As we navigate budgetary challenges, we’re focused on identifying creative, non-tax revenue solutions.”
The U.K. is Chicago’s fourth-largest trade partner, with over $7.68 billion in trade between in 2023, according to a news release.
Johnson’s trip to London comes as the entire Chicago Public Schools board — which he appointed — is resigning. The public, fraught battle casts a shadow of doubt for some on whether Johnson will be able to push through big policy priorities in Springfield and City Hall.
It’s unclear when the trip will take place. The visit will include several meetings with London companies and efforts to “explore the economic impact of sports and how these industries can drive sustainable growth for Chicago,” according to the release.
A London-based company is also expected to announce on Oct. 11 the opening of its U.S headquarters in Chicago. Further details were not provided. The mayor’s office, World Business Chicago and Choose Chicago declined to comment about the London company.
The announcement will come two days before the Bears are set to play against the Jacksonville Jaguars in the United Kingdom.
Choose Chicago, the city’s tourism group, will use the Bears game to attract more U.K. visitors. And attending media events with travel and tourism publications will boost the city’s profile among those publications, according to a Choose Chicago spokesperson. The person said the group has been working on the London trip since the Bears’ schedule was released in May.
“The U.K. is a major market for inbound travel to Chicago,” Rich Gamble, interim president and CEO at Choose Chicago, said in a statement. “And we look forward to the opportunity to leverage the Bears game to show off all the attractions and hospitality assets our city offers to potential visitors.”
World Business Chicago will be covering the travel-related expenses for the city of Chicago and WBC staff, according to the mayor’s office.
As the city’s nonprofit economic development agency, it will be working to seek opportunities to boost the city’s economy, especially through financial technology, quantum computing and the health care industries.
Phil Clement, president and CEO of World Business Chicago, said in a statement that he has lived and worked in London for more than 10 years.
“I’ve seen firsthand how transformative strong international ties can be for a city’s economy,” Clement said. “Chicago is recognized worldwide as a city of innovation and opportunity, and we’re here to leverage that reputation to attract international businesses, create jobs, and help build a future that’s both economically strong and globally connected.”
