The prime minister will today unveil plans to create a British Silicon Valley at London's Olympic Park, with firms including Google, Intel and Olympic network supplier Cisco already understood to have committed to investing in the area.
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The East End of the capital is already home to a number of technology start-ups and is currently undergoing a massive regeneration programme ahead of the 2012 Olympics.
"Right now, Silicon Valley is the leading place in the world for hi-tech growth and innovation. But there's no reason why it has to be so predominant," Cameron will say.
"Our ambition is to bring together the creativity and energy of Shoreditch and the incredible possibilities of the Olympic Park to help make East London one of the world's great technology centres."
The plan comes alongside the creation of an entrepreneur visa and reform of intellectual property law, both designed to attract foreign companies to the UK.
The government is under pressure to demonstrate that it can attract investment and private sector jobs to the UK in the wake of its spending cuts.
Cameron has already said that employees of some firms will be made exempt from his permanent cap on immigration numbers, which will come into force in 2011.
However, this is unlikely to find favour among British IT firms, which have complained that Indian outsourcing firms are bringing too many employees into the UK and undercutting local talent.