The City of London could be missing out, the report warns

Despite London's global reputation, the study said Indian firms were building closer links with the US and Dubai.

It found that Chinese businesses were also looking to the US, in addition to Hong Kong and Singapore.

The report by risk analysts Sami Consulting and Oxford Analytica said London was not meeting its potential.

Commissioned by the City of London itself, it pointed to the UK's close historical ties with India and significant Chinese communities.

Fast-growing economies

With China and India's economies continuing to enjoy stellar growth, the report points out the opportunities in India for project financing, and demand in China for savings and pensions products for the country's ageing population.

"City companies will need to seek out and develop long-term relationships with people at all relevant levels within the Indian and Chinese financial and business communities," it said.

In India, the report recommends that UK firms widen their investment scope and not simply "focus narrowly on the traditional financial centres of Mumbai and Bangalore".