The UK Trade and Investment (UKTI) has said that the four year target of generating £11 billion of economic benefit from the Olympic and Paralympic Games has been achieved in a year.

The businesses in the country achieved the £11.06 billion target through a series of contract wins, additional sales and new foreign investment. The amount includes £130m worth of contracts secured by the British firms for the upcoming Brazilian World Cup and Olympic Games in 2014 and 2016 and also 60 contracts won by mid-sized UK firms for the Sochi 2014 Winter Olympics in Russia.

UKTI had launched the Olympic legacy aim in the previous year through its `British Business Embassy' programme that included 17 events and a Global Investment conference to promote business around the world. UKTI said during its Export Week, which is an event to encourage British businesses to look overseas for growth opportunities, that the Olympic legacy target has been achieved.

Lord Green, trade and investment minister, said, "The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions. UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £11.06bn boost to the UK economy from the Games, reaching our four year target in just over a year."