Theresa May’s India visit will boost commercial ties, says top Indian diplomat
By UK India Business Council (UKIBC)
UK Prime Minister Theresa May's India visit next month will give a boost to bilateral economic and commercial ties, according to a top Indian diplomat
India’s Acting High Commissioner to the UK, Dinesh Patnaik, made the comments while addressing a session on ‘Going Global: Doing Business in India’ organised jointly by the UK India Business Council and the Confederation of Indian Industry on Monday.
Mr Patnaik was keen to highlight the positive effects of Brexit – pledging that the Prime Minister’s visit will “give a fillip to economic and commercial relations between both countries.”
Mrs May is scheduled to arrive in India on November 6 for a three-day visit, which will begin with her jointly opening the India-UK TECH Summit alongside Indian Prime Minister Narendra Modi.
“India-UK economic relations are strong and vibrant, but there still remains considerable potential that needs to be tapped. India is keen to work with UK to ensure that the positive effects of Brexit are enhanced and negative effects are minimized,” Mr Patnaik said.
Kevin McCole, UK India Business Council Chief Operating Officer said, “with the UK moving towards Brexit, the significance of the UK-India economic relationship is, quite rightly, in sharp focus. The investment opportunities in India have long been recognised. And, on the face of it, UK-India trade is performing well – growing at 170% between 2004 and 2014. But as India’s overall trade grew by 800% in the same period, there is clearly tremendous potential. One step towards realising this potential is for UK businesses to see India as an export market. There is business to be won there as the UK has what India needs – from consumer goods through to the world-leading technology, know-how and finance.”
The panel also included two UK India Business Council board members – David Landsman, Director at Tata, and Philip Bouverat, Director at JCB.
Mrs May is expected to hold bilateral talks with Mr Modi over a working lunch on November 7. She will be accompanied by Secretary of State for International Trade, Rt. Hon Dr Liam Fox, who will be attending the Joint Economic and Trade Committee (JETCO).
The business delegation will be drawn from regions across the UK, showcasing the very best of business from all over the UK. It will consist predominantly of small and medium businesses from regions across the UK and a number of commercial deals are expected to be signed during the visit.
“The UK will be the most passionate, most consistent, and most convincing advocate for free trade,” May said in a statement prior to the visit.
“As we leave the European Union we have the chance to forge a new global role for the UK — to look beyond our continent and towards the economic and diplomatic opportunities in the wider world. I am determined to capitalise on those opportunities, and as we embark on the trade mission to India we will send the message that the UK will be the most passionate, most consistent, and most convincing advocate for free trade,” she added.
