Kolkata/New Delhi, June 19: India’s firms are increasing their investment in the United Kingdom, growing their businesses and gaining a competitive advantage, by forming 122 investment projects in the Great Britain’s cutting-edge industries.
A report published to mark the UK’s National Day at the World Expo in Milan by UK Trade and Industry (UKTI) highlights how India’s investment in the UK forms part of a record £1 trillion of foreign direct investment (FDI) in the UK in 2014, making it the top FDI destination in Europe.
British Commissioner to India, Sir James Bevan KCMG said:“India and the UK share a long-standing, highly collaborative relationship, fuelling the prosperity of both countries and we greatly value our association with India. The fact that in 2014-15 Indians were the third largest job creators in the UK is a tremendous testimony to the strength of our ties, while the UK is also the largest G20 investor in India, proving the two-way relationship. As Prime Minister Modi said, when the UK and India work together, we are ‘an unbeatable combination’.”
At a time when global FDI flows have fallen, investors from India understand that the UK is welcoming, diverse and open for business.”
The annual investment figures from UKTI for the 2014/15 financial year show the UK has attracted 12 per cent more FDI projects compared to the previous year.
Investment in the UK came from more than 70 countries including India, including the world’s leading emerging markets. The USA remains the largest source of inward investment, with a total of 564 projects in 2014, followed by France (124 projects) and India (122 projects).
Investment from India increased by 65 per cent making it the UK’s third largest source of FDI accounting for more than 9,000 new and safeguarded jobs. There was also evidence of a strengthening relationship with China, with 99 projects in 2014 resulting in more than 3,000 new jobs, read a statement.
The UKTI inward investment report also shows FDI went towards a wide range of sectors and industries, with many containing a research and development element. It highlights the UK’s leading position as a centre for research, innovation and technology.
Advanced manufacturing – which includes automotive, aerospace and advanced engineering sectors – recorded the highest number of FDI projects and jobs.