ASIAN BUSINESSES FUNDAMENTAL TO LONDON'S ECONOMY
(10 December 2007)

Asian-owned firms in London provide nearly 210,000 jobs for London's economy - according to a new report from the Greater London Authority’s Economics Unit. The report, ‘Spotlight on Asian Business, Their contribution to London’, launched by the Mayor at the Asian Business Conference in City Hall, shows that in 2006 there were over 41,000 Asian-owned businesses in London - representing 13% of the capital’s businesses.

Research by the independent economics research company DTZ shows that each job created by a foreign company in London creates an average of £115,0000 a year in wealth for London's economy. India has the biggest number of inward investment projects into London of any country apart from the United States. Financial ties with the Indian sub-continent will become even more substantial in the future. The report also points to the further contribution these businesses will provide for London's economy.

The Mayor said: ‘The 21st Century is seeing exceptionally rapid growth by the Asian economies. Positioning London as a centre for investment and trade with India, and the other rapidly growing Asian economies, is therefore key for the incomes and jobs of all Londoners. This is why I recently opened London offices in Delhi and Mumbai.

‘There are 300 languages spoken in London. But with over 400,000 Londoners of Indian origin this is the largest single ethnic minority community in London. There are also large communities from other Asian communities. In addition to direct business links all aid London's ability to continually innovate and help make London the world's leading international business city. This is why this conference is important in discussing and implementing recommendations to help improve the economic climate for London’s Asian business community to thrive. "

Asian Business Association Chairman Tony Sarin said: ‘The significance of inward investment from India in particular is clear for all to see. The number of Indian companies operating in the UK has grown to over five hundred and India is currently the second largest investor in Britain. Last year the value of bilateral trade of goods and services between the UK and India was £7.9bn, up 25% on the previous year and this trend is set to continue. As the chairman of the Asian Business Association, I am pleased to be working with the Mayor to ensure Asian businesses are represented in this regard".