London increases efforts to attract Indian tech firms
London is increasing its efforts to attract Indian businesses and investors, opening a new overseas office in Bengaluru, India’s tech capital.
The new space is part of London’s ambition to strengthen trade and investment links with India, easing the process for the country’s companies setting up or expanding in London.
David Slater, director of International Trade and Investment at London & Partners, said: “London and Bengaluru are hotbeds for innovation and creativity and we see a fantastic opportunity for UK and Indian tech companies to do business across both markets.
“Our decision to open a new office in Bengaluru will help us reach key decision makers in India and support our continued drive to help Indian businesses expand and internationalise in London. Wipro’s expansion in the capital offers further proof that London remains an attractive destination for Indian businesses.”
This comes as Wipro Limited, an Indian tech business, revealed plans to expand its operations in the capital, with a new 13,000 sq ft office. This space will be the company’s third London office.
Wipro has joined various Indian tech firms to make significant investments in London, with the Mayor of London’s promotional agency, London & Partners, revealing that Indian tech businesses are set to create over 400 new jobs in the capital this year.
The announcements have been made to coincide with the visit to Bengaluru of a trade delegation of London business leaders and tech entrepreneurs from the Mayor of London’s International Business Programme.
India remains the second biggest foreign investor into London, with Indian firms creating over 4,500 jobs in London over the last 10 years.
According to London & Partners’ investment data, technology is the leading sector for investment from India into London, representing almost half (47 per cent) of all investment projects in the past 10 years.
Led by the Mayor’s International Business programme, 18 of London’s fastest growing tech companies will meet with leading Indian investors and entrepreneurs and will visit some of Bengaluru’s technology firms like Wipro and Infosys.
The next round of the India Emerging 20 (IE20) programme – an initiative to discover more of India’s most innovative companies that are looking to expand internationally – was launched this week by London & Partners.
Many businesses on the programme have successfully expanded into London including Bengaluru-based tech firms LatentView and Square Yards; drug discovery company Curadev, and e-commerce business Vas data Services.
Arbinder Chatwal, director and head of India Advisory Services at BDO, added: “India is the world’s fastest growing major economy and is universally regarded as the next global economic powerhouse. As the Brexit negotiations continue it’s never been more important for London to reach out across the globe.
“London is a natural home for Indian business. Indian businesses share our own traits of tenacity, energy and expertise. India’s growth presents a great opportunity for London and the UK and one we must grab with both hands.”