Start-up ecosystems in Asia have continued to rise, with new entrants among the top global cities this year including Tokyo, Seoul, Shenzhen and Delhi, according to Startup Genome’s The Global Startup Ecosystem Report 2020.
Beijing is well established within the top five, whilst Singapore came in at number eight.
A number of opportunities for collaboration between London and Chinese cities have emerged in recent years. London recently landed a $1.8bn listing of China Pacific Insurance via the London-Shanghai Stock Connect programme that links the two exchanges.
London is also the leading destination for Chinese foreign direct investment into UK and Europe, with one in ten Chinese projects to western Europe landing in London between 2015 and 2019. These projects include TikTok and Alibaba who have both set up offices in London in the past few years.
Two cities in India made it onto the Top 40 list – Bangalore at 26 and Delhi at 36 – with Bangalore standing out for high access to funding and Delhi ranking well for the volume and complexity of patent creation.
Looking at the Top Emerging Ecosystems ranking, the next 100 after the top 40 ecosystems, Mumbai secured top spot followed by Jakarta and Zurich.
London and India have shared strengths in technology and innovation, with London coming in as the second most popular city for Indian companies looking to expand internationally over the last five years, based on the number of projects.
Indian companies who have chosen London as the city to scale their business include ride-sharing unicorn Ola, who expanded to London last year and IT giant, Infosys, who recently opened its first design and innovation studio in the city’s tech hub.
London companies are also increasingly looking to India for international expansion, with India ranking as the eighth country in terms of the number of projects from London over the last five years, generating a total capital investment of £13.66bn.