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After London, Indian investors prefer Birmingham

After London, Indian investors prefer Birmingham
PTI
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First Published: Wed, Feb 20 2008. 02 46 PM IST
Updated: Wed, Feb 20 2008. 02 46 PM IST
London: Birmingham, with a large minority of Asian origin, is fast emerging as the most preferred destination of Indian investments after London.
Liam Byrne, Immigration minister who recently visited India, hails from the region, and has been in the forefront of attracting Indian investment to the West midlands.
Trade got a boost with direct flights between India and Birmingham, an industrial city 160 kms northwest of London.
“Trade with India is already booming. In the West Midlands we’ve got the ideas, the skills, the people and the history that puts us in position to lead the way for Britain.” said Byrne adding that recent investment in the region by Indian companies demonstrated how important good trade links were.
During the past two years, Indian investment into the West Midlands has more than doubled in terms of the numbers of companies setting up in the region.
Over 1,000 jobs have been created since 2006 by 14 companies, which means that there are now nearly 30 Indian-owned businesses in the region, including State Bank of India, ICICI Bank, Tata Steel, Mahindra and Mahindra and the Aditya Birla Group.
The trend will continue with the expected acquisition of Jaguar land Rover by Tata Motors soon.
“The rapid growth of inward investment from India into our region over the last couple of years shows just how important a market this is for us. Boosting trade is one of the keys to new jobs in the Midlands and India could be the biggest game in town,” Byrne said.
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First Published: Wed, Feb 20 2008. 02 46 PM IST
More Topics: Uk | Investors | Liam Byrne | India | Birmingham |