According to an analysis based on foreign investment data from the fiscal year 2018, London emerged as the top destination for Indian investors. Investments by Indian companies in the British capital reached an all-time high as it was ahead of other attractive foreign direct investment cities such as Dubai and Singapore.
With 52 foreign direct investment projects, the United Kingdom was just ahead of the United States (51) and UAE (32), in 2018 said London & Partners (L&P), the Mayor of London’s promotional agency.
The agency said that Indian companies choosing to invest in the British capital reached an all-time high with a total of 32 investment projects- a more significant number from the previous year. They called this number a “giant leap”.
As per the analysis, based on FDI Markets and foreign direct investment Intelligence data, “Foreign Direct Investment (FDI) from India into London increased by 255 per cent from 2017 to 2018. And, investment into the UK from India grew by over 100 per cent compared with the previous year, with London accounting for over 60 per cent of all Indian investment into the UK in 2018,”
Laura Citron, CEO of London & Partners said, “We’re delighted that a record number of Indian businesses have chosen London as a base for their international expansion and we look forward to welcoming more ambitious companies to our city.”
Citron lead a four-day trade mission to India earlier this year.
“Our upcoming trade mission will provide a great opportunity for us to explore how London can increase collaboration with some of India’s leading business hubs in areas such as fintech and enterprise technology,” she added.
The London and Partner’s trade delegation, which comprises some of London’s fastest growing fintech and enterprise tech companies, is said to cover major Indian cities like Mumbai, Bengaluru and Chennai as part of the Mayor of London’s International Business Programme.
Some London businesses travelling to India include McLEAR, a wearable technology company specialising in mobile payments; GrantTree, which offers funding expertise; Headstart, with recruitment and employability expertise; and ProtectBox, with cyber security specialisations.
These companies will take this opportunity to meet with potential investors, Indian business leaders and policy makers. This will help them to explore growth opportunities in the Indian market.
As per a latest set of data released, over the past decade, Indian companies have added 2.49 billion pounds in capital expenditure and created over 5,691 new jobs for London’s economy.
The fiscal year of 2018, also witnessed investments from some of India’s fastest growing companies as Ola, a taxi service firm announced their plans of investing in the United Kingdom. More recently, Indian hospitality firm OYO also plans on investing in the country.
Jeremy Saunders, head of OYO UK, said: “This is one of the most advanced and innovative hospitality markets in the world, and OYO is extremely proud to now be a part of it”. The London and Partners (L&P) has offices both in Bangalore and Mumbai. This provides a ground support for companies looking to do business between London and India. The Mayor of London’s business promotion arm also plans to host a delegation of Indian businesses in London to coincide with the 2019 Cricket World Cup finals in June.