The Hindu Business Line : London sees financial services as its growth driver

London March 22 London plans to continue its focus on financial service industries and other business services in the coming year to help retain its status as the most international city of the world.

"London's future is clearly in internationalisation. We will do everything possible in this regard," Mr Ken Livingstone, Mayor of London, told a visiting Indian journalist.

He also indicated that the coming years would see improved transport infrastructure within London.

London is looking to have a cross rail connecting the east to western part of the city.

Mr Livingstone said that he plans to visit India in November this year and that the theme of the visit would be `India London: Partners in Globalisation'.

Internationalisation

Mr Livingstone pointed out that the Indian companies, which are growing rapidly, would realise that London was a good place to establish presence and do business.

He also highlighted that the regulatory regime was not too taxing, as was the case in certain developed markets.

India is currently the second largest investor in London in terms of number of projects.

Meanwhile, Mr John Ross, Economic Advisor to the Mayor, said that London would in the year 2007 strive to increase the understanding of Indian Economy among its residence.

"This is the number one goal for this year," he said. Asked about whether the somewhat restrictive visa regime for Indian professionals to come and work in London would impede the city's internationalisation effort, Mr Ross said that the British government was following an extremely "Stupid Policy" on the visa front. "It is an economic stupidity but London is determined that such issues will not get on our way," he stated.

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