LONDON: British Indian Deputy Mayor of London for Business Rajesh Agrawal is in India this week leading a trade mission made up of 10 of the city’s leading technology companies to explore stronger UK-India trade and investment links.
According to Greater London Authority, speaking of his tour of New Delhi and Bengaluru, Agrawal said: “Indian cities rightly look to London as the perfect launchpad to grow their business internationally. London and cities such as Mumbai and Bengaluru share mutual strengths in sectors such as finance, life sciences and technology – creating huge opportunities for business partnerships.
“As one of the world’s fastest growing economies, India is also a major market for ambitious London companies. I am delighted to be joined on my visit to India by some of London’s fastest growing businesses. Our trade mission will continue our work in helping London companies to maximise business and investment opportunities in India.”
Successful fintech firm Born in Indore, Madhya Pradesh, Agrawal arrived in London in 2001 with a few hundred pounds in his pocket and went on to set up successful fintech firms RationalFx and Xendpay. Since 2019, he has been working within London Mayor Sadiq Khan’s team to promote the city’s attractions as a global investment hub and his current Indian visit marks the first in-person trade mission run by the Mayor’s International Business Programme, designed to help London companies to grow internationally, to India since 2019.
According to figures published by London’s business growth agency, London & Partners (L&P), the UK capital ranked as one of the top cities globally for Indian companies looking to grow their footprint internationally and the number one European city for Indian foreign direct investment (FDI).
“London and India have longstanding cultural and economic links and these latest figures offer further proof that business ties between our two regions continue to grow from strengthto-strength,” Agrawal noted.
Job creation in UK
The Mayor’s office said that over the past 10 years, investment from Indian companies has provided a major boost to London’s economy, with the data showing that Indian FDI has led to the creation of 7,853 additional jobs in the UK capital. A number of wellknown Indian companies have expanded their operation in London in recent years, including Indian IT giants Wipro and Infosys, as well as Indian unicorns upGrad, Ola and Oyo. Between 2012- 2022, Mumbai and Bengaluru were the top cities for business investment from India into London.
Laura Citron, CEO of London & Partners, said: “India is an important trade and investment market for London. It’s no surprise to see that London is one of the top global cities for Indian companies looking to expand outside of their home market.
“We continue to receive lots of enquiries from Indian companies looking to set up and expand in London. As India’s digital economy continues to grow, there is particularly strong interest in London from high growth Indian companies in sectors such as fintech, ecommerce and climate tech. This trade mission will further strengthen economic ties between London, New Delhi and Bengaluru.
We look forward to continuing our support to help companies do business across both regions.”
