Speaking ahead of the June 23 referendum when UK votes on whether to remain in the 28-nation European Union or to leave, Paul, Chairman and Founder of Caparo Group said, "when you divide countries and continents you can often cause more problems than you solve."
"Take India and Pakistan for example. At the time of partition they were the same people with the same language; yet it was decided that they should become separate countries with their own sovereignty.
"My own life experiences have led me to strongly believe in the intermingling of nationalities," he said, underlining that this was the reason why he believes that the UK should be in Europe and leading Europe.
"I am very pro-European and genuinely believe it is the best thing to have happened economically and strategically to Europe and to Britain," he said.
"From an economic point of view, and in order for the UK to get the full benefit of being in Europe, then we must also adopt the Euro," Paul said.
"If we are not in the common currency then we are losing out. In the event of Brexit, I believe that British industry will suffer to an extent, because we rely heavily on the European export market," he said.
The UK labour market will also suffer because Britain is forced to bring in a number of skilled and unskilled workers for the jobs that cannot be filled by the indigenous population, he said.