LONDON (AP) — London's Olympic Park could be transformed into a rival to Silicon Valley under plans outlined yesterday for Britain to create a new home for the world's leading technology companies.

In a speech, Prime Minister David Cameron said he hoped that a district redeveloped to host the 2012 summer Olympic Games could eventually serve as a hub for high-tech businesses.

Cameron said Britain will help Internet entrepreneurs to win visas — despite a hardening of the country's immigration regimes — and review stringent intellectual property laws to help encourage companies developing new online services and products to relocate to London.

The city has a growing cluster of technology firms in the Old Street and Shoreditch districts, dubbed the "Silicon Roundabout" after a major traffic circle nearby.

A report by the Boston Consulting Group published last month claimed Internet-related businesses are worth about £100 billion ($160 billion) per year to the UK economy, more than the construction or transport sectors.

"Right now, Silicon Valley is the leading place in the world for high-tech growth and innovation. But there's no reason why it has to be so predominant," Cameron planned to say, according to excerpts of his speech released in advance.

"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 centers," the text said.

Cameron said Facebook, Google, Cisco and Intel all plan to open innovation centres in east London — once better known for its defiant spirit in the face of German bombing raids during World War II.

He said hopes of toppling Silicon Valley were part of Britain's strategy to develop new technology jobs. "We're not just going to back the big businesses of today, we're going to back the big businesses of tomorrow," he planned to say.