The reception took place in Westminster on Monday night (25 November), hosted by the APPG for Trade & Investment, and drove home the role that the IFB will play in promoting UK business overseas.
The UKTI-partnered festival has received government backing, including from prime minister David Cameron, who last week welcomed a delegaton of business luminaries and IFB organisers to Downing Street.
This week's APPG event, hosted by MP Margot James, saw IFB ambassadors including co-founder and chief operating officer Sarah Wood outline how the 50-day festival would boost the economy and attract investment. The festival is expected to generate a minimum £100m of investment in to the UK and increase overseas business opportunities.
Wood said: "Next year's festival will provide a much-needed opportunity for global businesses and entrepreneurs to connect and collaborate with one another.
"We knew from day one that one day we wanted to be a global company, but we didn't go as fast or as far at the speed we wanted.
"It's wonderful to see support from government and such high-profile groups – instilling confidence and belief in SMEs is critical to performing on the international stage."
The APPG's James added: "I am delighted to be hosting this reception in support of the UK's first International Festival for Business.
"A lot of people in this room have done great things to help push British exports, which the government hopes to double by 2020 – they are doing so much to help businesses that we don't just expect to reach this target, but smash it."