Results for the financial year to date confirm that 14 Indian companies have set up or expanded their operations in London alone. Encouragingly the outlook for the full year suggests that the growth seen in 2008/09 will be sustained through 2009/10.
Online PR News – 04-January-2010 – – India is the second largest investor in London and projects from the country represent almost 10% of all of London’s new overseas start ups to date (145 out of 1512). Indian companies have contributed over 4000 jobs worth £461 million to the London economy, making it the second highest source of jobs after the US. Over the past 10 years, Copernicus has assisted several of these companies to market success in the UK
More recently, companies including Wipro and IL&FS have chosen London for their European Headquarters, focusing on the capital being the best city in the UK in which to globalise given its unrivalled access to markets. Copernicus is now represented in the capital, and is ideally located to best represent the interests of new market entrants looking to fast track their penetration of the UK market.
At a reception to launch the research and celebrate London's strong links to the Indian business community the Mayor of London, Boris Johnson, said: "The strength of the Indian community in London and their commitment to this city never fails to impress me. Indian owned businesses in the capital generate over £14.4 billion and represent five per cent of London’s economy. One of my most important roles as Mayor is to make sure that London remains the number one city to do business in. With the continued support of Indian owned businesses we can make sure that London is, and continues to be, the most enjoyed and competitive city in the world.”
“London has long been seen as the natural home for ambitious companies from India to globalise from and we are delighted that Indian companies are continuing to choose London as a place to set up and expand their business.
"Our results to date clearly demonstrate that Indian companies are showing a high degree of resilience against the current economic climate, especially as the Indian economy registered an impressive 6.2% growth this year. Investment from growth markets such as India is key for London to continue to grow and maintain its position as a global hub for business.”
The current economic climate has created a unique opportunity for Indian companies; with unrivalled access to markets, lower commercial property costs and an impressive talent pool that is now more readily available, the UK and London in particular was the best choice for several ambitious companies to locate their European Headquarters. London continues to be a leading business destination for Indian businesses wanting to globalise, and many are looking forward to expanding operations further in the UK’s capital over the coming years.
Colin Fell, Managing Partner at Copernicus said: "We are very committed to building ever closer ties between the UK, London and Indian business leaders, and we are delighted to be increasing our work in this area. As a firm, we have growing links with the sub-continent and have acted for several new clients to facilitate market entry or to improve their business unit performance in the UK this year”.