India second-biggest source of new investment into London

LONDON: India has become the second-biggest source of new foreign investment into London, behind only the United States, a report released said on Friday.

According to the Financial Times, a new report from Think London, the capital's foreign direct investment (FDI) agency, says that India has accounted for 16 per cent of all new foreign investment into London between 2003 and 2007.

That has helped investment into London jump to $103.4 billion, from 38 billion pounds two years ago.

The United States topped the list, with 31 per cent of new investment, while France was third with seven per cent. China, Japan and Canada with six per cent each followed.

"London does not have the same resonance in China, Russia or Brazil as it does in India," Think London's chief executive Michael Charlton noted.

The United States still dominates total foreign investment into the capital, though, accounting for about half of it, followed by France with 12 per cent.

Charlton warned against complacency, however, noting that "FDI companies are continually re-evaluating their presence here ... More than half review their global strategy every three to five years, and thirteen per cent do so every year."