London named top destination for Indian entrepreneurs
New research from the Mayor of London's promotional agency, London & Partners, has named London as the leading destination for Indian entrepreneurs.
Released during London Tech Week, the figures showed that the city has attracted more than £4bn in tech investment projects from India since the EU referendum in June 2016.
The figures put London ahead of other major European countries in terms of tech investment, with the city outperforming Paris, Berlin and Stockholm, which attracted £1.14bn, £814m and £542m respectively.
The findings come as London Mayor Sadiq Khan welcomed a number of Indian tech companies to the city as part of London Tech Week, including fintech firm Paymatrix and artificial intelligence start-up ThirdWatch.
Part of the Tech Rocketship Awards programme, which is run by the UK government, these firms will be looking for investment opportunities in London and Manchester.
The figures coincide with the announcement of a new startup visa system - a new UK visa for Indians, which will be launched next year to enable entrepreneurs from countries such as India to easily enter the UK.
Commenting on the connection between London and India, Khan said: “London has strong cultural and economic ties with India, and Indian businesses make an important contribution to our city. Following my visit to India last year, I see lots of opportunities to strengthen investment between London and Indian cities.”
London & Partners’ Chief Executive Officer Laura Citron announced that the promotional agency will be opening an office in Bangalore in a bid to strengthen London’s ties with India’s tech communities.