London, Paris tout joint business plan

PARIS — Paris and London, traditional rivals when it comes to attracting tourists and industry, have signed a business agreement to cooperate in attracting visitors and companies.

The two cities, which are linked by rail, have seen their rivalry intensify recently as Paris hopes to welcome finance jobs that are expected to leave London after the U.K. exits the European Union.

On Tuesday, London Mayor Sadiq Khan and Paris Mayor Anne Hidalgo announced the Paris-London Business Welcome Program initiative. Hidalgo called it a “very positive dynamic that Brexit will not change.”

It will start in 2018 to encourage trade and investment between the two cities as well as focusing on promoting culture and heritage.

The U.K. said that visitors to London and Paris spend in excess of $36.9 billion a year.