The FINANCIAL — Despite the impact of recent economic crises, European cities maintain competitive advantages over new megacities in other parts of the world, according to a new research published by the Global Cities Initiative.
However, as the world economy continues to evolve, Europe's cities – those that are already established "global cities" as well as those that seek to become more global – must come up with new ways to be more globally competitive, says the report.
"Cities have long been vital to trade, innovation, and the economic health of a given region. In today's global economy, competition is fierce and the ability for metropolitan regions to be globally competitive is critical to their success," said Emilio Saracho, J.P. Morgan's Deputy CEO of EMEA. "Europe's cities must continue to re-orient, innovate and find ways to build global fluency. Today's discussions will help us do just that," Saracho added.
The majority of European cities have maintained important infrastructure, human capital and sustainability advantages over other global regions. Many of Europe's mid-sized cities record healthy scores for entrepreneurship, multi-lingual talent, quality of life and regional connectivity that are not easily replicable elsewhere. European cities are also very well placed to serve new economic centers and emerging market firms as they increasingly make investments and expand into developed countries, according to JPMorgan Chase & Co.
European cities can increase these advantages by deepening relationships with emerging economies. Opportunities include lucrative new visitor and student markets, co-operation in health and environment sectors and design, engineering and consultancy solutions for infrastructure projects.
"For centuries Europe's cities led the world. But with the Asia, Africa and South America urbanising fast, urban momentum is moving South. If London and the major European cities are to retain their competitive edge, and provide for their citizens, they will need to reform their economies, while continuing to invest in infrastructure and quality of life. We are thrilled to be working with the Global Cities Initiative on this year's London Conference. It provides an important chance for London and other European cities to take stock, and learn from other cities, and engage with city leaders and experts from around the world. "
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