Livingstone woos Indian investment into UK

New Delhi, Nov 20: Promoting London as an investment destination, visiting London Mayor Ken Livingstone today said open pattern for investment and trade make it an ideal destination for Indian investors.

''The 27 Indian companies being listed on the London Stock Exchange (LSE) have a combined wealth of eight billion dollars,'' Mr Livingstone said.

In the era of globalisation where Indian companies are looking forward for expansion, the recent acquisitions made by the Indian firms are mere indicators of the dynamic changes going on in the Indian economy, he added.

''The 2012 Olympic games in the UK is another oppurtunity for Indian investors to benefit from,'' Mr Livingstone said.

The Indian community which is largest minority group in the UK has more than 10,000 business integrated in the London economy which generates a combined turnover of 14.4 billion dollars and represent five per cent of London's economy.

Mr Livingstone also dwelt at length on the infrastructure development being undertaken in his country to facilitate trade and business.

The Mayor informed that apart from modernisation of the terminals at the Heathrow Airport, a sum of 16 billion pound has been sanctioned by the UK government for a cross rail project which will connect the airport with the financial districts of London in just 30 minutes.

Mr Livingstone said ''UK is the third largest investor in India after US and Maldives with an investment of two billion dollar in the year 2006.'' India's overseas investment in Europe has increased ten times in the last eight years, London accounts for just over 32 per cent of all European investment from India,'' said Think London Chief Executive Michael Charlton.

Suggesting a skewed investment into UK, Mr Charlton told UNI