London Deputy Mayor for Business Rajesh Agrawal will lead a delegation to India starting March 13, in a first in-person trade mission run by the Mayor's International Business Programme to the country since 2019, to promote stronger trade and investment links.
On a four-day mission from March 13-16, India-born Agrawal will visit New Delhi and Bengaluru and will be joined by 10 London tech companies including Electric Miles, Guider, OneID and Softools, according to a statement.
Noting the longstanding cultural and economic links between the two countries, 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."
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Delegates will meet with representatives from Indian tech companies including Wipro and HCLTech and Tata in a bid to provide opportunities for companies in the UK to create business partnerships and explore investment and growth opportunities in India.
The Deputy Mayor will also meet Indian venture capitalists and investors with an interest in expanding to London.
"As one of the world's fastest growing economies, India is also a major market for ambitious London companies. Our trade mission will continue our work in helping London companies to maximise business and investment opportunities in India," Agrawal said in a statement.
London is the number one European city for Indian foreign direct investment. According to figures published by London's business growth agency, London & Partners, the UK capital also ranked as the number two city globally for Indian companies looking to grow their footprint internationally.
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The research revealed that 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).
Over the past 10 years, investment from Indian companies has provided a major boost to London's economy, with the data showing that Indian foreign direct investment has led to the creation of 7,853 additional jobs in the UK capital.
"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," Laura Citron, CEO of London & Partners, said.
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.