Indian projects in Britain rise

Friday, 09 July 2004, 19:30 IST
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LONDON: There was a 47 percent rise in the number of Indian projects in Britain during 2003, official figures show, offsetting some of the concern over outsourcing British jobs to India. Figures from the department of trade and industry (DTI) on jobs created by overseas investors in Britain show that projects from India, including some call centre companies, rose by 47 percent. Trade minister Mike O'Brien said Britain had continued to benefit from a sound economic record with strong growth and high employment and low inflation. However, the number of jobs created in Britain by overseas investors slumped by a quarter last year despite a large rise in the number of new projects, the figures show. Foreign companies created almost 25,000 jobs last year, down from the 34,400 new posts in 2002, DTI said. Britain attracted 811 investment and expansion projects, up by 14 percent on 2002, making Britain the most popular location for investment in Europe. O'Brien defended DTI's record, saying the new jobs were highly paid posts. DTI said the manufacturing sector made up a third of inward investment projects and 40 percent of the jobs created despite making up only a fifth of the economy.
Source: IANS
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