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London woos Indian startups as key to growth, jobs post Brexit

London’s technology sector is wooing Indian startups and software firms, which are among the key drivers of growth and jobs for the capital city and the wider UK economy.

india Updated: Nov 13, 2016 14:32 IST
PTI
Rajesh Agrawal, deputy mayor of London for business, said India is the second largest investor into London.
Rajesh Agrawal, deputy mayor of London for business, said India is the second largest investor into London.(Courtesy: London.gov.uk)

London’s technology sector is wooing Indian startups and software firms, which are among the key drivers of growth and jobs for the capital city and the wider UK economy.

“India is the second largest investor into London, after the US... Despite concerns over foreign investment inflows after the Brexit referendum, it will continue to be a top investor for us,” Rajesh Agrawal, deputy mayor of London for business, told PTI here.

Agrawal also chairs London & Partners, the official promotional company for London.

The deputy mayor is visiting India on an international trade mission aimed at strengthening tech and trade links between London and India.

Read | UK PM May says can deepen India trade ties before leaving EU

He revealed that London is home to 39 per cent of the fastest growing Indian companies based in the UK, compared to 25 per cent last year.

Technology is the top sector for Indian investment, accounting for 46 per cent of all Indian investments here over the last 10 years, according to research commissioned by London & Partners.

Pointing out that large corporations cannot innovate fast enough, he stressed that startups are key to new ideas and processes.

During his visit, the deputy mayor has been meeting with senior Indian business leaders and high growth companies to reassure them that London remains open for business.

Read | May comes calling: Post-Brexit Britain will need trade with India more than ever

“Over the last week, I have met leading figures from Indian politics and business, including some innovative tech companies, and discussed how we strengthen the relationship between London and India,” he said.

Sectors like healthcare and financial technology are doing very well, he said.

London & Partners also recently announced that it will select and invite 20 of India’s most innovative and high growth companies with global aspirations to set up operations in London.

The India Emerging 20 initiative will roll out its second edition this year. The 20 selected businesses will be given the opportunity to meet and learn from senior business leaders, venture capital investors and decision-makers from major global companies.