LONDON:
The India-born Deputy Mayor of London for Business, Rajesh Agrawal, will arrive in New Delhi on Monday as the head of a four-day trade mission made up of 10 of the city’s leading technology companies to promote stronger trade and investment links with India.
Agrawal, who was born in Indore, is the entrepreneur behind London-based fintech firms RationalFx and Xendpay and works within London Mayor Sadiq Khan’s team to promote the city’s attractions as a global investment hub. The latest India 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.
“Indian cities rightly look to London as the perfect launchpad to grow their business internationally,” said Agrawal, on the eve of his visit.
“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,” he said.
“Our trade mission will continue our work in helping London companies to maximise business and investment opportunities in India,” he added.
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). According to related fDI Markets research, in the past 10 years, London has attracted 174 investment projects from India – significantly more than any other European city and the likes of Singapore (150) and New York (53).
“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 strength-to-strength,” noted Agrawal.
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 well-known 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.
“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,” said Laura Citron, CEO of London & Partners.
“We continue to receive lots of enquiries from Indian companies looking to setup 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,” she said.
Among the companies joining next week’s trade mission are: Electric Miles, Expect, Global Nano Network, Guider, Habitat Learn, Inavya Ventures, McLEAR, OneID, Shojin Properties Ltd and Softools. Delegates will meet with representatives from Indian tech companies, including Wipro and HCL Tech, as well as Indian industrial giant Tata. The Deputy Mayor will also meet Indian venture capitalists and investors with an interest in expanding to London, the Mayor’s office said.
Vipul Lakhani, Director of Softools, said: “I am excited that Softools has been chosen to be one of the participants of the Mayor’s International Business Programme trade mission to India. “We see India as a thriving and exciting market with rich talent, amazing innovation and enormous potential. With the help and support of London & Partners we look forward to forging partnerships to help Indian companies benefit from the speed and simplicity of our zero code application platform.” The London Mayor’s International Business Programme claims to have helped more than 1,000 high growth London companies win business in international markets. PTI
