The Foreign Direct Investment agency Think London announced that the number of Indian companies setting up operations in London doubled last year bringing the total investments into London at 30% making India the 2nd largest investor in London. The US amounts to 50% of investments in London. The Indian investments mainly from telecom, pharmaceutical, and Information technology companies will generate 400 new jobs. Of the 119 projects started by Indian companies in Europe from 1997 to 2004, 55 of them were located in London.