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It is often said that London and New York are the only truly global financial centres in the world. They set the standard the rest of the world aspires to.

Of course, there are other centres that operate on a global scale in certain sectors but nowhere else offers the breadth and depth of world-class services that London and New York do.

As such, it is naturally assumed that these two cities are fierce competitors and, in the sense that every financial centre has to operate in an increasingly competitive global marketplace, this is true.

However, the relationship between London and New York is also one of shared interests and mutual co-dependence.

It is not an either-or situation, firms do not want to be based in one or the other; they want access to both.

In addition to political pressures borne out of the recent financial crisis, there is one overriding concern that unites both London and New York - the shift of the global marketplace towards the East.

Financial centres in Asia are growing rapidly and are desperate to attract the top global firms that have traditionally been based in London and-or New York.

These centres have many advantages, not least with regards to property, planning and infrastructure.

It is much easier to meet the needs of the international business community - be it for a million square feet of office space or for an efficient, high-capacity transport system - in a brand-new business environment than it is to fit such projects around a medieval street network.

One of the key messages to come out of today's panel discussion, "London, New York: two cities joined by a common vision", in the London Pavilion was that both London and New York need continued investment in property and infrastructure to compete in the global marketplace in the years to come.

We can only succeed in achieving our shared ambitions if we continue to work together, drawing on the experience that makes these two cities the world's leading financial centres.

Stuart Fraser is the policy chairman at the City of London

Anyone speaking before the instantly recognisable and highly quotable mayor of London, Boris Johnson - as I did today on the London Stand - is guaranteed a sizeable audience.

 And, in many ways, our messages are very similar; just as London is absolutely vital to the UK's future economic prospects, so too is the City.



This is the case regardless of whether you are referring to the historical City: the Square Mile; or to the broader City: the UK financial and professional services industry as a whole. The state of the commercial property market - particularly in important business centres - often reflects the state of the economy overall; international developers and financiers would not invest in property if they were not confident there was a market to fill their latest projects.



At the height of the financial crisis, many of the City's most important developments, including many of the landmark tall buildings, were at one stage or another thought to be under threat. 

In 2011, all of these schemes secured the requisite financing for completion - much of it from overseas - and the City will thus be able to offer office space of the quality and quantity to match the specific business needs of potential investors for years to come.



Add to this mix the continued infrastructure development that is so critical to the City's long-term prospects - from the completion of the One New Change retail centre to the government's welcome confirmation that Crossrail will go ahead - and it is clear that the international business community has, quite rightly, retained its confidence in the Square Mile, and indeed in London, as a place in which to do business.

We must do all we can to ensure this remains the case.



Stuart Fraser is the policy chairman at the City of London

As policy chairman at the City of London Corporation, it is my role to lead on issues that affect the City's international competitiveness.

Being based in the Square Mile has numerous advantages; which is why the world's top firms and top talent continue to want to be based here.

However, we also face many challenges, not least that of creating a modern and sustainable property offer and infrastructure network amidst a medieval road network that is home to a number of world-famous landmarks.

These are issues that many newer, purpose-built business environments - especially those in the emerging markets - do not have to consider.

Even during the financial crisis, the City's property market has proven remarkably robust, and recent signs indicate a return to growth. We need to build on this positive progress.

Throughout MIPIM, I will be making speeches, hosting events and meeting with some of the world's leading architects and developers in order to convey one key message:

If the City is to retain its pre-eminent position as one of the leading global financial centres, we need to be able to meet the demands of the international business community - from the smallest boutique operations to global banking headquarters - and property, planning and transportation have a vital role to play.

Stuart Fraser is the policy chairman at the City of London Corporation