Prime Minister David Cameron announces more support for UK corporates in trade push to India
By Kealan Finnegan
Prime Minister David Cameron announced yesterday that the UK Government will support the UK India Business Council (UKIBC) working with the British Business Groups (BBGs) to open a third Centre in Mumbai, the business capital of India, in the latter half of 2014.
As a result, British corporates in India and in the UK will have a seamless business-led trade support and service platform combined with business orientated policy advocacy voice. The combined reach of the three UKIBC hubs will cover those significant regions in India where the majority of commercial and economic activities lie. The UKIBC plans to build on this reach and network by opening three more Centres across India by 2017.
This announcement is a clear sign of the UK Government’s strong commitment to India and to creating a business-led, business run pan-Indian network supporting UK companies, especially SMEs, to enter and prosper in the fast-growing Indian market.
On the announcement, Richard Heald, Group CEO, UKIBC said, “We welcome Prime Minister David Cameron’s continuing commitment to India and to the support of the UK India Business Council. We can represent and support UK businesses in India. The Centres will be pivotal to the strategy of all UK corporates engaging with India. The UKIBC can act as a voice on issues which matter to them, as well as provide a “home away from home” for British businesses. The accelerated roll-out programme underscores the success of the Prime Minister’s initiative and further re-enforces the concept underlying the UK India Business Centres.”
Kalyan Bose President of the BBG Delhi (the chapter currently holding the National Presidency of the BBGs) and UKIBC India board member said “I am extremely pleased that the third UK India Business Centre will be opened in Mumbai next year and am sure that BBG Mumbai members will find the facilities and services very useful. We look forward to working together with UKIBC for the mutual benefit of members of both organisations and to support the growth of the UK India business relationship.”
Stuart Milne, Chairman of the BBG Mumbai said “We support wholeheartedly the Prime Minister’s focus on developing trade and investment between the UK and India and look forward to working closely with the new Mumbai office of UKIBC. This kind of practical support for UK SMEs looking to do business in India is exactly what is needed to ensure future growth.”
Explaining the government support for developing British business networks in India, Barry Lowen, Director, UKTI, said, “India is one of the major growth stories of the 21st century and offers real opportunities to UK companies. With our business partners in the UKIBC and British Business Groups, we are making sure that they get the support they need to win the business”.
Heald added “We look forward to working with the UKTI and the BBGs to ensure the success of the Overseas Business Networks initiative, which offers real support to the trade efforts of UK plc and in particular British SMEs. India has tremendous opportunities, and is developing its own indigenous capabilities quickly which UK expertise can complement. This assistance offers companies support in accessing these opportunities.”
The UK and India enjoy particularly strong commercial links. India is the third largest investor in the UK, and indeed is the most popular business destination in Europe for Indian companies. Of the 1,200 Indian companies operating in the European Union, over 900 operate in the UK.
Moreover, this excellent relationship continues to grow in strength – in 2011, UK India bilateral trade grew by 26 per cent, bringing the total to £16.4 bn.
With the expansion of the UKIBC’s policy advocacy work and the opening of UK India Business Centres across the country, it will be easier for British businesses, particularly SMEs, to enter India.
NOTES TO THE EDITOR
For further information, please email Ishara.Callan@ukibc.com or Adam.pollard@ukibc.com or call +44 207 592 3045
Background
Last year, the Prime Minister launched an initiative to strengthen overseas business-led networks in 20 key targets across the world to provide support to UK companies and particularly SMEs in their market entry strategies.
Following on from this, Lord Green, the UK Trade Minister opened on 19th September the first UK India Business Centre in Gurgaon, just outside Delhi. On the same day, the UKIBC announced that it intended to open its Centre in Bangalore in the first half of 2014. The Prime Minister’s announcement today is a further acceleration of this process.
The UK India Business Council (UKIBC) is the premier business-led organisation promoting bilateral trade and investment between the two countries. Its mission is to facilitate an increase in trade between the UK and India through business to business dialogue. UKIBC plays an influential role in creating and sustaining an environment in which free-trade and investment flourishes. Through the facilitation of partnerships, and with 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. For further information please visit www.UKIBC.com
British Business Group (BBG) British Business Groups (present in most major cities of India) are forums for British and Indian companies and individuals to meet, exchange ideas and network in friendly and informal surroundings
UK Trade and Investment (UKTI): UKTI is the government department that helps UK-based companies succeed in the global economy. It 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 o
