Mr Livingstone also spoke about Touchdown London, a start-up service started recently, dedicated to Indian businesses wishing to establish themselves in London. The facility is managed by Think London.
On the increasing globalization of London, the Mayor said, “we have recognized that the process of globalization is not reversible. Any nation that promotes protectionism would be doing so at the cost of its economy, which will prove catastrophic in the long term.”
In his address, Mr. Michael Charlton, Chief Executive, Think London, said “the Indian economy is on the fast track to globalization and London provides the right platform for Indian companies keen to capitalize on this globalization process.” He said the US and Indian businesses are the top two sources of new FDI projects into London.
The US and Indian businesses feel that to be successful, they must embrace the global marketplace. As a potential overseas base for Indian and US companies that have expanded into Europe, London has performed better across the board than other cities, he pointed out.
Businesses feel that London gives them the opportunity to grow faster, get a better return on investment and has the best environment to diversify and develop their business, Mr Charlton said.
Commenting on the economic progression of the UK due to globalization, Mr Phiroz Vandrevala, Chairman, Indo-British Partnership (IBO) and Executive Director, and Head, Global Corporate Affairs, Tata Consultancy Service, said London offers a range of diversification and expansion opportunities into new business areas.
He said globalization had its share of pain such as lowering of tariffs and outsourcing of jobs, but in the long run, it made better economic and business sense to be part of the process of globalization. He urged the UK government to embrace the Schengen system to facilitate smoother flow of tourists from India into the UK.
The President of CII, and Chairman & Group CEO, Bharti Enterprises Mr Sunil Bharti Mittal hosted a lunch in honour of the Mayor of London.
Confederation of Indian Industry
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