Indians second largest investors in London

Think London, the foreign direct investment (FDI) agency for London, announced on Monday that the number of Indian companies it has assisted in setting up businesses in London doubled last year. Indian companies now represent 30 per cent of all foreign investment in London, making it London's second biggest overseas' investor after the US, which accounts for 50 per cent.

Think London is the FDI agency for London and it provides free, confidential and comprehensive advice to help international businesses set up businesses and succeed in the city.

During 2005, 22 Indian companies set up shop in London and this is likely to generate around 400 new jobs in all. Three quarters of the investing businesses are in the telecom, pharmaceutical and IT sectors, led by software and computer firms from Bangalore and Mumbai.

"Whilst much attention has been given to UK companies' outsourcing jobs to India, the fact is that successful Indian businesses, notably in the technology sector, are expanding rapidly in the global market and bringing jobs to London," said Michael Charlton, Think London's chief executive. "We aim to forge closer ties with prospective Indian investors."

Michael Charlton and Anupam Jhunjhunwala, Think London's business development manager travels 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 location in the city centre. Northgate Technologies is also setting up UK offices near Canary Wharf with the view of creating around 70 jobs in all. 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. The report also includes Indian executives whose organisations have bases in London. The report titled 'Career Capital: London & The Global Professional' focusses on the impact of London on the careers of overseas individuals. All the Indian executives interviewed said that working in London had increased their understanding of global business.