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London mayor invites Indian investment
Friday, 12 September 2003, 19:30 IST
HYDERABAD: The Lord Mayor of the City of London Alderman Gavyn Arthur began his two-day visit to this southern city with an invitation to Indian businessmen to invest in the British capital.
Arthur, who arrived here Thursday night, said London should be the first choice of Indian firms for their foreign location since it was the financial capital of the global economy.
He was speaking at a reception hosted in his honour by British Deputy High Commissioner Stuart Innes.
The mayor spoke at length about what London offered to Indian business and pointed out that taxes in Britain are low compared to other parts of the world.
With a $3,000 billion investment pool and with every third share in the world traded in London, the city offered the best location for businesses that were going global.
He said Indian investment in Britain, whether in buying shares or in owning British companies, was most welcome. He pointed out that Hyderabad-based Dr. Reddy's Labs had bought over two British pharmaceutical firms recently.
Noting that Hyderabad had emerged as an important destination for business processing outsourcing, Arthur said London could also offer these opportunities as there was need for efficient work.
Responding to concerns about the growing political pressure in Britain against outsourcing, the mayor clarified that the government was in favour of outsourcing if it was necessary for the health of these businesses.
He expressed his desire for strong trade ties with Andhra Pradesh. "The city of London and Andhra Pradesh have much to offer to the other," he said.
Arthur noted that a partnership between London and Hyderabad had already been evolved. The HSBC bank, for instance, presently employs 1,500 people in Hyderabad and plans to employ more people in the coastal city of Visakhapatnam in the coming months.
Arthur said the British government was keen to have stronger trade ties with the state as evident from the fact that a full-fledged trade office was functioning in Hyderabad since January 2001.
He also spoke about the increasing interest of Britain's insurance companies in India. The mayor will be calling on the chairman of Insurance Regulatory Authority (IRDA) C.S. Rao Friday along with John Cooke of the Association of British Insurers.
He will also call on Chief Minister N. Chandrababu Naidu, Governor Surjit Singh Barnala and other top officials.
The mayor said more than 400 Indian firms were already operating in Britain and expressed the hope that the number would further increase in the coming months. Trade between the two countries rose by 67 percent in the last decade.
The mayor noted that every year about 11,000 Indian students went to Britain, more than half from south India. He hoped that this number would increase in the coming days.
Lauding the role of Indians in Britain's progress, Arthur said the 1.3 million strong Indian community was playing a vital role in his country's economy.
Source: IANS
Source: IANS