The Lord Mayor of London is touting the city's attractiveness for business even with the looming threat of Britain leaving the European Union without a deal.

On a visit to Hong Kong on Tuesday, Peter Estlin called Brexit a "short-term frustrating issue" that will be overcome in time.

He said despite the uncertainty, businesses in the financial center are "by and large, prepared for any outcome."

Estlin's largely ceremonial position representing the capital's financial industry is separate from that of the much more powerful elected mayor of London.

Estlin said Britain's focus on future industries such as electric vehicles and companies offering online financial products were driving a surge in foreign direct investment, which hit an all-time high last year.

Brexit is scheduled to take place on March 29.