India has identified more than 80,000 kilometres of roads, national highways and expressways that need expanding or building, and Minister for Trade, Investment and Small Business Lord Davies is encouraging UK firms to get into pole position to secure contracts.
Lord Davies has welcomed the creation by the UK India Business Council (UKIBC) of the British-India Roads Group today. The group, which has been established to help UK companies support India's massive roads and highways development programme, met with India's Minister for Roads and Highways Kamal Nath today.
Lord Davies said:
"India is undergoing an astonishing transformation and needs tens of thousands of kilometres of new roads to cope with its rapid growth. This represents more than £25 billion worth of investment and I encourage UK firms to consider the business potential in this booming market."
"Take the example of Nagpur, the 'zero-mile' city at the geographical heart of India, which I visited last year. This city is being transformed into the logistical hub of India. It is one of the Tier 2 cities powering India's growth that UK Trade & Investment can help UK businesses to explore."
India's transport upgrade is one element of its massive infrastructure development programme. According to the Planning Commission of India, over US$500 billion of funding is needed for new power stations, airports, roads, railways, seaports, waterways and urban infrastructure over the next five years.
UK Trade & Investment, the Government's international business development agency, and the CBI will work with the UKIBC to support the new British India Roads Group.
Bilateral trade between the UK and India is worth over £12 billion per year. It will be the subject of trade talks between Business Secretary Lord Mandelson and Indian Commerce Minister Anand Sharma in London on Thursday.
Media Contact:
For more information, please contact Susan Grieve from UK Trade & Investment on 020 7215 4644 or email susan.grieve@ukti.gsi.gov.uk.
Notes for Editors:
The British India Roads Group is an association of leading UK construction firms with infrastructure development expertise, including in pioneering innovative public/private financing models, leading finance companies and business organisations. It is a non-exclusive association, and the UKIBC will expand membership.
UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK's economy - acknowledged as Europe's best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage.
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The UK India Business Council (UKIBC) is the lead membership-led organisation supporting the British Government in the promotion of bilateral trade, business and investment between the two countries. Through the facilitation of partnerships, and with the support of an extensive network of influential corporate and individual members, UKIBC provides the resource, knowledge and infrastructure support vital for UK companies to make the most of emerging opportunities in India.
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.