Tuesday, June 14 2005 11:24 Hrs (IST) - World Time -

London: London is the destination for 55 of 119 Indian Foreign Direct Investment (FDI) projects into Europe between 1997 and 2004, a new report indicated.

The report, 'From the Ganges to the Thames: An analysis of Indian FDI into London' published by London Mayor Ken Livingstone, showed that London received over 50 per cent of Indian European FDI projects in the software sector whilst a third of Indian European FDI projects in financial and business services came to the capital in the same period.

Greatest share of Indian investment was in high technology software sector, with London acting first as a headquarters for companies and secondly as a base for their sales and marketing operations.

The city is also Europe's leading location for Indian services in finance and business and home for European headquarters for a range of sectors.

The Mayor launched the report at an Indian Business reception at the Wallace Collection in central London, hosted by the Mayor with Think London, a city organization. The function, held to celebrate the importance of London and the UK's economic and cultural links with India, was sponsored by Bank of Scotland Payment and International Services and BT.

Satyabrata Pal, Indian Deputy High Commissioner, said, "Economic engagement between India and the UK today is symbiotic, characterised by strong investment flows in both directions. The City of London is extremely active in India's surging capital markets, while Indian companies are expanding globally and investing hugely in several economies including the UK."