An introduction to FICCI

As the largest and oldest apex business organisation in India, Federation of Indian Chambers of Commerce and Industry (FICCI) is the voice of India’s business and industry. Its membership is over 250,000 companies and it is often the first port of call for Indian industry, policy makers and the international business community, says Dr Jyotsna Suri, President of FICCI

Our UK office was opened around a decade ago, and we play a similar role there as we do in India. From influencing policy to encouraging debate, engaging with policy makers and civil society, FICCI articulates the views and concerns of industry. We also provide the largest platforms for networking within and across sectors.

In January this year, FICCI was the Secretariat for the Joint Working Groups for Skills and Education, and Smart Cities, as part of the important UK-India Joint Economic and Trade Committee (JETCO) talks between the Indian Commerce Minister and UK Business Secretary. A combined delegation of over 30 FICCI members attended a series of discussions.

In April, when Indian Finance Minister Arun Jaitley visited London, we led a senior business delegation with him to meet institutional investors, bankers, policymakers and stakeholders to discuss opportunities in India’s growth story.

‘ Both countries share a long history, and there is much potential to realise’ – Dr/ Jyotsna Suri, President of FICCI

FICCI coordinated the visit for the West Bengal Chief Minister Mamata Banerjee’s hugely successful investment promotion visit to London in the British Summer, which included 95 delegates from across government, business, performing arts, media and others. 21 Memoranda of Understanding were signed across education, health, urban development and industry and additionally FICCI facilitated  a relationship with London  Design Week to promote traditional Bengali handlooms and handicrafts.

We’ve engaged with businesses right across the UK, particularly through seminars in Birmingham, Edinburgh, Manchester and Leeds to assist businesses gain access to Invest India, the country’s inward investment vehicle.

When Prime Minister David Cameron first went to India in 2010, he aimed to double trade between the two countries by 2015. Since then, the UK diplomatic and trade promotion network in India has expanded to become the its largest in the world. And Invest India has helped many businesses from the UK navigate into the Indian market.

There are strong successes for India in Britain too. According to UKTI’s latest Inward Investment Report, the UK is the number one destination for FDI in Europe. India is now the UK’s third largest job creator, with 9,350 jobs created or safeguarded in 2014. India is also the third largest source of FDI into the UK, including the largest from an Asian country. And the UK is the third largest investor into India too.

Key among the FDI projects from India was venture capital fund Vistaar Group’s establishment of a post-production studio in MediaCity, Manchester. The company plans to invest £13m this year and £20m over the next four to five years. There was a notable increase into the UK new investors from India in the life sciences sector too, a sector with a total annual turnover of £56 billion.

But there was a 25% reduction in the number of Indian students recruited in the UK compared with the previous year. And as the figure shows, UK exports to India have not increased as strongly as targeted by PM Cameron’s since his announcement in 2010, although Indian exports to the UK have gone up strongly.

Both countries share a long history, and there is much potential to realise. FICCI is well placed to assist on this journey.