When the Brexit vote arrived, the UK tech sector was not shy in decrying the vote and voicing fears over the impact to tech jobs, investment and growth.
However, new research by London & Partners, the Mayor of London’s promotional company, may serve to quell concern and worry bubbling under the surface of the UK tech sector – in London especially.
According to the research, digital tech jobs in london are predicted to grow by almost a fifth (18.5%) over the next ten years, taking employment in the sector to 284,400 jobs by 2026.
Meanwhile, the number of digital tech companies in London is set to grow by a third (33.2%) during the same period, taking the total number of digital technology companies in the capital to 61,800 by 2026.
The increase in both the number of tech jobs and companies in London’s tech sector over the next decade is set to outpace the growth of both the UK-wide tech sector and London’s economy as a whole.
Deputy Mayor for Business, Rajesh Agrawal, who will talk about the research findings today during his international trade visit to India, said: “With everything London has to offer to exciting tech companies – from start-ups to established firms – it’s no surprise that this sector continues to play a crucial role in the capital’s vibrant economy.
“Over the last week I have met leading figures from Indian politics and business, including some innovative tech companies, and discussed how we strengthen the relationship between London and India.”
Mr Agrawal is another key member of the ‘London is open for business’ team, headed by Mayor Sadiq Khan. His trade mission to India is aimed at reassuring high growth companies that ‘London is open for business, urging digital businesses to follow the lead of a number of Indian technology companies that have already committed to London including leading software company HCL Technologies and Infotech Software Services.
Indian companies have shown a strong desire to be part of London’s booming tech sector, with ICT companies representing the largest sector for growth and accounting for almost two thirds (62%) of all investment projects. Across all sectors, Indian businesses employ nearly 50,000 people in London.
To further strengthen business links between London and India, London & Partners recently announced that it has opened applications for the next round of its India Emerging 20 (IE20) initiative, a programme to discover some of India’s most innovative and high growth companies with global aspirations.
Lord Karan Bilimoria, Founder of Cobra Beer said: “We need to look for new areas of bilateral trade and partnership with India as it continues to grow faster than any other major economy in the world. From digital technology and aerospace engineering to food and fashion, Indian entrepreneurship, creativity and industry are getting the global recognition they need to thrive. There is no better place than London to showcase this.”