London emerged as the top choice for Indian investors ahead of other cities such as Dubai and Singapore, with investments by Indian companies in the British capital reaching an all-time high last year, according to a new analysis.
The UK emerged as the top most country to attract Indian FDI with
52 projects, ahead of the US (51) and the UAE (32), in 2018, said London & Partners (L&P), the Mayor of London's promotional agency, in the new analysis released on Friday.
Indian companies choosing to invest and expand in London reached an all-time high last year, with 32 investment projects — a giant leap from the previous year, it said.
“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,” notes the analysis, based on fDi Markets and fDi Intelligence data.
“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 companies,” said Laura Citron, CEO of London & Partners, who will be leading a four-day trade mission to India from Monday.
The L&P’s trade delegation, comprising some of London’s fastest growing fintech and enterprise tech firms, will cover Mumbai, Bengaluru and Chennai as part of the Mayor of London’s International Business Programme. “India and London share strengths in financial services and technology, making India a natural market for our international growth,” said Emma Steeley, CEO of AccountScore, one of the companies participating in the trade mission next week.
Nadia Sood, founder and CEO of Credit Enable, another participating company, added: “India is bubbling over with opportunity, promise and above all, entrepreneurial talent”.
According to the latest data, over the past 10 years, Indian companies have added £2.49 billion in capital expenditure and created over 5,691 new jobs for London’s economy.
Some of India’s fastest growing companies have also announced investments in the British capital in 2018, including taxi hailing firm Ola and more recently Indian hospitality firm OYO.
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”.