22.56 IST 15th Mar 2005
By Agencies
India is the eighth largest foreign investor in UK and 60 per cent of these funds go into the IT sector, a senior British government official said today.
"In terms of actual transactions, we have seen India now rising to be the eighth largest foreign investor in UK and of these investments, about 60 per cent are in IT sector" Mark Runacres, Deputy British High Commissioner, said in New Delhi.
He did not give actual figures of investment.
He said British Government would never come in the way of companies who want to outsource and added UK recognises that outsourcing was key to corporate success and there was good business logic to go for it as they had strengthened British companies.
Runacres said statistics have showed that companies who have outsourced actually rose in UK labour market and created jobs there.
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"Our economy has strengthened by outsourcing to companies in India", he said.
This (IT) is the field in which we see Indian hordes of IT companies investing in UK enormously... It is by far the biggest source of Indian investment in UK", he said adding this was the sector where the two countries needed to work more closely.
"Outsourcing is not a zero sum game and we believe that this is the sector where companies and workforce from both countries stand to benefit from success by working together", he added.
