New Delhi, Delhi, India, Monday, March 06, 2006 — – Think London,
the foreign direct investment agency for London, announced today that
the number of Indian companies it has assisted to set up business in
London has doubled in the last year. Indian companies nowrepresent 30%
of all foreign investment in London, making it the capital’s second
biggest overseas investor after the US, which accounts for 50%.
Within the past year alone, 22 Indian companies have set up in London and
this is likely to generate around 400 new jobs in total. Three quarters of
the investing businesses are in the telecoms, pharmaceutical and IT
sectors, led by software and computer companies from Bangalore and Mumbai.
“Whilst much attention has been given to UK companies outsourcing jobs to
India, the fact is that successful Indian businesses =96 notably in the
technology sector =96 are expanding rapidly in the global market and
bringing new jobs to London,” said Michael Charlton, Think London’s chief
executive. “We aim to forge closer ties between ourselves and prospective
Indian investors.”
Michael Charlton and Anupam Jhunjhunwala, Think London’s Business
Development Manager, travel to India this week to spread awareness among
Indian businesses of London’s strengths as an international base.
Among the biggest new Indian investors in London last year were
Bangalore-based Microland, which is expected to create around 50 jobs at a
new city centre location and Northgate Technologies, which is setting up
UK offices near Canary Wharf with the view of creating around 70 jobs in
total. Other companies include D’zine Interactive and Export-Import Bank
of India (Exim Bank).
Think London has produced a report in collaboration with Cranfield School
of Management that looks in detail at the impact of working in London on
the careers of foreign-born executives, including Indian executives whose
organisations have bases in the capital. The report titled, Career
Capital: London & The Global Professional, focuses on the impact of London
on the careers of overseas individuals. An overwhelming 100 per cent of
Indian executives interviewed said that working in London had increased
their understanding of global business, while an equal number said they
had developed better communication skills.
Indian-owned businesses already in London include 140 Indian
multi=96nationals and generate a combined turnover of approximately =A38.5
billion, representing five per cent of London’s total economy. Between
1997 and 2004, there were 119 Indian foreign direct investment projects in
Europe, of which almost half =96 55 projects =96 went to London.
Anupam Jhunjhunwala, Senior Business Development Manager at Think London,
commented: “We offer Indian companies free and confidential business suppor=
t and
market intelligence so that they can successfully set up and establish
business in London. Indian companies are choosing London as a base for
their European expansion due to London’s unrivalled offer as a business
destination. The long-established and vibrant Indian community in the
capital also ensures that companies immediately feel at home doing
business here.”
Think London is the foreign direct investment agency for London which
provides free, confidential and comprehensive advice to help
international
businesses set up and succeed in London. Since 1994 they have helped over
900 companies from 44 countries locate or expand in the capital. Think
London’s principal funding partners are the London Development Agency
(LDA) and London’s business community, through London First. Other key
partners are the Corporation of London, which also provides funding, and
UK Trade & Investment. Think Londo=
n
