London Mayor Sadiq Khan on Wednesday 12 October, met with the leading Indian businesses at the City Hall, to explore opportunities to attract further investment and to reassure leaders them that London is open for business. It was chaired by Rajesh Agrawal, Deputy Mayor for Business and Enterprise, who opened the discussion with positive comments.
The Mayor met 17 leading Indian foreign investment companies already working with London to discuss further expanding their links with the capital following the European Union referendum result. Companies attending the meeting included Air India, HCL Technologies, Hiranandani, ICICI Bank, Infosys, Lalit London, Tata, Usha Martin Group, Asian Business Association, Wipro, CII to name a few. At the roundtable the businesses put forward their concerns about Brexit, many had opened offices in Britain thinking it will be the gateway to Europe, who are now concerned about their future ahead, post-Brexit.
Khan reassured bosses that Indian businesses, who employ nearly 50,000 people in the capital, remain welcome post-Brexit and that London is open to investment, trade and talent from around the globe.
The Mayor is keen to further strengthen ties as Indian companies are the second biggest foreign investors in London. According to data from the Mayor’s promotional company, London & Partners, in the last 10 years, London has attracted more foreign direct investment from India than Japan and China and only the US invests more in our capital. India is also a crucial trading partner for London and a significant market for the capital’s businesses, with the value of London exports to India amounting to £1.29bn in 2014.
Before the event Sadiq Khan said: “London is open for investment and business from around the globe and the city already has an excellent trading relationship with India.
“I am looking forward to meeting with leading Indian businesses to reassure them that our great city remains open to the best global talent, and I’m keen to discuss how we can strengthen and support further investment in London.”
Shuchita Sonalika, Head and Director of the Confederation of Indian Industry (UK), said: “Nearly 40 per cent of the fastest-growing Indian companies investing in the UK are based in London, highlighting that London has been the destination of choice for Indian FDI. Their diverse operations range from IT, financial services, media and entertainment, tourism and others.
“We hope that London will continue to be an attractive place to do business and their interests will be fortified post-Brexit. This interaction of Indian companies with Mayor Sadiq Khan is testament to that effort and CII looks forward to working with the Mayor’s team to deepen business links between India and London.”
Kevin McCole, Chief Operating Officer of the UK Business India Council, said: “Indian business contributes hugely to London, and London businesses contribute hugely to India. So, at this time of uncertainty due to Brexit, the UK India Business Council is delighted that the Mayor and his Deputy have taken the time to hear the views of Indian businesses in London, and, quite rightly, to remind them that London is open for business.”
To further strengthen business links between Indian companies were encouraged to apply for the 2017 edition of India Emerging 20 (IE20), a business programme led by London & Partners to discover some the country’s most innovative high growth companies with global aspirations.
Applications for the second cohort programme will open on 13th October, offering 20 Indian companies the opportunity to come to London to meet and learn from senior business leaders, venture capital investors and decision-makers from major global companies.
India is a crucial trading partner for London and a significant market for the capital’s businesses, with the value of London exports to India amounting to £1.29bn in 2014.
