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Indian investments register 321 pc hike in UK

PTI london India
Updated: 05-12-2018 22:59 IST

The UK government Tuesday revealed that Indian investments made up the largest chunk of its foreign direct investment (FDI) over the previous years, registering a massive 321 per cent hike.

Quoting latest figures from the UK's Office for National Statistics (ONS), the Department for International Trade (DIT) said on Tuesday that stocks from across Asia increased by more than 33 per cent in 2017 to 128 billion.pound. with the biggest growth from any country coming from Indian investors to hit 8 billion pound.

Stocks from Japan increased by 71 per cent to 78 billion pound.

"As we prepare to leave the European Union, foreign investors from around the globe are as confident as ever investing in the UK," said UK international trade secretary Liam Fox.

"The significant rise in the amount of investment from Asia is evidence that the growing economies are important partners for the UK, relationships which I am committed to developing and deepening," he said.

The DIT said the figures show that investors have maintained confidence in the UK as an investment destination, with the value of the UK's FDI stocks as a whole increasing by 12.6 per cent to 1,337 billion pound in 2017, when compared with the previous year.

The UK's financial services sector attracted more FDI than any other industry, accounting for 28.8 per cent of total inward investment, accumulating over 385 billion pound by the end of 2017.

"Foreign Direct Investment has an overwhelmingly positive and transformative effect on the UK economy, bringing jobs, prosperity and growth. My international economic department is focused on ensuring that the effects are felt in every part of the country," Fox said.

The UK's largest investor remains the US, which also showed a significant increase in FDI stocks, increasing by 19.5 per cent to 351 billion pound.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)