According to Grant Thornton’s India Meets Britain Tracker, Indian-owned firms continue to play a key role in the success of the East Midlands.
The Tracker looked at Indian businesses operating in the UK with an annual growth rate of 10 per cent or more.
It suggested uncertainty over Brexit doesn’t seem to have had much impact with around 800 Indian companies now operating in the UK. In total two East Midlands firms made it into the top 50 of the fastest growing Indian firms in the UK.
“After reviewing the report Dr Nik Kotecha OBE, Chief Executive of Morningside Pharmaceuticals Ltd, commented:
“It’s great to see that 10 of the top 50 fastest growing Indian companies in the UK are based in the Midlands, with two in the East Midlands. The statistics show the Midlands and the North are now tied as the most popular locations for businesses on the list, after London.
“The East Midlands, in particular, is a fantastic area to do business and it’s not by coincidence that our region is the fastest growing outside of the South East.
“I was honoured to accompany Prime Minister Theresa May on her first trade mission to India and during the visit I saw Indian businesses were very interested in two way-investment with the East Midlands and UK as a whole. There is a real appetite for hi-tech exports of products and services from the UK, which was evidenced by the £1.2 billion in trade deals announced following the trip.
“I think this year’s report shows our business ties with India are continuing to grow and this is providing a boost to the economy, as well as jobs for people locally and tens of thousands nationally.
“Morningside manufactures quality generic and branded medicines for UK hospitals and pharmacies, as well as supplies countries globally through aid agencies. Post-Brexit it’s very important for East Midlands companies to continue developing business relationships with countries outside of the European Union, in order to grow export-led trade with the rest of the world.”