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| Asian-owned businesses play a major role in London's economy |
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Asian businesses in had a turnover of around £60 billion in 2004 according to a new report from the Greater London Authority. The report,entitled. " The contribution of Asian-owned businesses to London's economy" , demonstrates the strength of the contribution of Asian businesses to London's economy. The report shows that in 2004 there were almost 39,000 Asian-owned businesses in the capital providing 300,000 jobs - representing 12 per cent of total employment of all firms surveyed. The annual turnover of these businesses represents 13 per cent of total turnover for all firms surveyed. The LDA report is based on data provided by the London Annual Business Survey 2004, which was first commissioned by the London Development Agency in 2003. It is a telephone survey of over 4,000 private sector businesses employing at least one person. The definition of "Asians" in the GLA report includes Indians, Pakistanis, Bangladeshis, British Asians, Mixed White and Asian,Chinese, Japanese, Other East Asians, Turkish, Kurdish and other Middle Eastern. An Asian-owned business is defined as one in which a majority of the owners are Asian. According to the report, Asian-owned firms provide around 300,000 jobs to the London economy. This represented around 12 per cent of total employment by firms covered in the survey. The total turnover of Asian-owned firms in London was around ?60 billion in 2003/4. This was around 13 per cent of total turnover for all London businesses covered by the survey. This means that Asian-owned businesses make up a similar share of all businesses as the Asian share of London's population. Asian-owned businesses comprise 14 per cent of all businesses, while 15 per cent of London's working-age population is Asian. The strength of entrepreneurialism among the Asian community in London is also illustrated by the high rates of self-employment. According to the 2001 Census, Indian, Pakistani and Chinese individuals are more likely to be self-employed than the average for the population as a whole. Most Asian businesses are relatively small. Some 56 per cent of businesses have one to four employees compared to an average of 48 per cent of all firms in London, and 49 per cent for White-owned firms. The most common sectors for Asian-owned firms are Wholesale and Retail and Business Services. Over 35 per cent of Asian-owned businesses are in the Wholesale and Retail sector, compared to around 20 per cent for businesses in general.. In Business Services, Asian-owned firms are relatively under-represented. Around 27 per cent of Asian-owned businesses are in Business Services compared to 40 per cent for all businesses. by Don de Silva
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