India remains the second largest foreign investor into London, creating over 4,500 jobs in the capital – exceeding China, Japan and second only to the United States.
According to London & Partners foreign direct investment data, technology is the leading sector for investment from India into the capital, representing almost half (47 per cent) of all investment projects in the past ten years. As a result, London is increasing its efforts to attract Indian businesses and investors, with the opening of a new overseas office in India’s tech capital, Bengaluru.
The new office is part of London’s continued drive to strengthen trade and investment links with India and will support Indian companies setting up, or expanding in London.
The announcement comes as Indian tech business, Wipro Limited, reveals plans to expand its operations in London by opening a new 13,000 square foot office in the capital.
David Slater, Director of International Trade and Investment at London & Partners, comments: “India is a market with a long history of trading links to the UK and London in particular. Wipro’s expansion in the capital offers further proof that London remains an attractive destination for Indian businesses. The fundamental strengths that have made London a leading global destination for Indian businesses have not changed following the EU referendum vote and London remains open to talent and investment from all over the world.”
Just last month, the Mayor of London, Sadiq Khan, said that whilst he encourages the UK and India to forge relationships based on trade and investment, he also encourages talented Indian people to study and work in London, calling on Government to change the rules to make it easier for Indian entrepreneurs and skilled workers to gain visas, and to set up a new India-UK International Work Experience Programme to encourage young people from both countries to spend time and learn about India and the UK.
Executive Chair of the Scaleup Institute, Sherry Coutu, says: “Entrepreneurs play a key role in taking on risks to create new market opportunities, to innovate and drive economic growth. The UK has to be open to global entrepreneurial talent.
“London is a major draw – people know this is a leading world city to start and grow businesses. Our visa system needs to be flexible so we can attract both those with a proven track record and those with potential.”
At Beavis Morgan, our technology business experts and research & development (R&D) specialists are available to assist with setting up and running your business, as well as maximising the value of any potential R&D tax credit claims. And our team at BM Structured Finance is available to source any funding required to enhance your immediate and long-term success.
We are also well versed in identifying business opportunities for investors looking to enter the UK market. And we are able to provide a comprehensive range of professional services to help you make the most of your investment in the UK.
Contact Steve Govey or your usual Beavis Morgan Partner for more information about how we can assist you or your business.
Further reading:
Assisting overseas investors looking to enter the UK market