Programmes such as ‘Make in India’ are good initiatives from a perspective of building own economies and creating jobs, but they need not necessarily fit well in the context of international businesses and global competitiveness.
This is what David Slater, a career diplomat on loan to London & Partners has to say. As Director of International Trade & Investment of the not-for-profit public-private partnership funded by Mayor of London and others, he promotes the city to international businesses. While advice, incentives, persuading and hard-selling are acceptable, government dictating businesses how they run their international operations is not, he said in an interaction with The Hindu here recently.
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“This is a global market and if you [companies] are going to compete globally you got to use all the assets global market can give you,” he replied when asked about ‘Make in India’ and whether it would influence companies looking at London.
Mr.Slater, in Hyderabad as part of a four city London Catalyst for Growth roadshow, added: “We are doing exactly the same thing” by way of the ReshoreUK, a Government initiative to ensure indigenous and foreign companies in the UK understand the advantage of doing more at home. “The Indian Government is looking at exactly the same space,” he said.
Mumbai, Bengaluru and Delhi were other cities where the roadshow was held. Mr.Slater, who as diplomat served in New Delhi during 1999-2002, said London is agile, flexible and understands the needs of the businesses better than other major cities, both in Europe and elsewhere.
“India is a very important market for us on the inward investment side”, he said, London could take companies looking to compete internationally closer to their ambition. Hyderabad has been on the radar of London & Partners for sometime, he said on the decision to hold the roadshow here.
Beyond playing host to the largest and fastest growing digital technology sector London is also about creativity. “Technology platforms win you business, what takes you to the next competitive level is the creative idea. London gives you that … you can make products that can disrupt market.” Financial technology, gaming, advertising and media sector are strong points of London, in addition to direct air connectivity to 300 destinations, headquarter to several banks.
International business decision makers converge in London, he said, promoting it as a city that can help more Indian companies go global. Agreeing that the cost of living is high, he said going to a lower cost location in Europe is of little use if companies cannot find talent, customers, financial advisors. “You aren’t going to grow your business if you are in the wrong place,” he said, adding London is for those looking for the best return on their investment and grow quickly.
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