Royal Albert Dock in London could become the capital's next business district as transformation plans were unveiled.

Mayor Boris Johnson announced details of the £1 billion project which is aimed developing key links with China and other financial institutes in the Asia-Pacific region. It is estimated to create 20,000 jobs as well as providing £6 billion to the UK economy while also attracting further investment to bring into the nation.

ABP China has been named as the contractor to take on the construction process and will be responsible for transforming the Royal Docks Enterprise Zone. The 35-acre site is currently owned by the Greater London Authority and is expected to become a gateway for Asian and Chinese businesses that are looking to get a foothold in Europe.

The area of Newham will benefit substantially from the work as officials expect a substantial jobs boost. Local employment is set to be improved by around 30 per cent, while the predicted £23 million in annual business rate will act as a catalyst for increased investment into the area as well as other parts of London.

Mr Johnson said: "This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st century centre of trade and investment.  

"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy.”

Ministers have been keen to promote the potential for investment in London since the capital held the 2012 Olympic Games. Prime minister David Cameron waxed lyrical about creating a legacy for the city and by creating a third business district is set to attract major organisations from all over the world to set up shop in London.

The first tenants are expected to move into the redeveloped Royal Albert Dock business district from 2017.

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