UK Minister Alok Sharma MP addresses UK India Business Council annual Christmas event
By UK India Business Council (UKIBC)
Foreign & Commonwealth Office Minister for Asia and the Pacific, Mr Alok Sharma MP, was the keynote speaker at UK India Business Council’s annual Christmas event
Mr Sharma on stage alongside H.E Dinesh Patnaik
The UK India Business Council held its annual Christmas event this year in lavish surroundings at One Great George Street in Westminster, London. The evening was centred around the topic of ‘the Future of the UK-India Relationship,’ featuring a keynote speech from Minister Alok Sharma MP, which was preceded by an opening address from Deputy High Commissioner of India to the UK, His Excellency Mr Dinesh Patnaik.
In his speech, the Minister was keen to play up the significance of Prime Minister May’s recent visit to India, signalling that it was “no coincidence” that Mrs May chose India as her first non-EU bilateral trip. “It signalled the immense value we place on our existing partnership with India and the potential we see to enhance this unique relationship in the future,” he said.
Deputy High Commissioner of India to the UK Mr Dinesh Patnaik, echoed Mr Sharma’s comments on the Prime Minister’s visit in his opening remarks. “On the Indian side, [the visit] was a big success. What’s the purpose of a visit – what is the signal it sends to the world at large?” he asked.
“The first signal is that the UK considers India important enough to make it its first point of call outside Europe. It tells everybody that the UK is interested in close relations with India. This is a relationship that is umbilical in its nature,” Mr Patnaik added.
Mr Sharma’s keynote speech included a commitment to make London India’s “destination of choice” for raising offshore finance. “We say ‘Make in India, finance in the UK.’ We want Indian companies and public sector entities to see the City of London as the natural home for raising offshore finance – for quasi-sovereigns as well as corporates,” the Minister said.
Mr Sharma also touched on the issue of manufacturing, saying that the UK has a role to play in India’s rapidly expanding infrastructure and energy needs.
“As well as seeking to expand its role as a manufacturer and innovator, India is also rightly addressing its future infrastructure and energy needs. Many of you know the staggering amounts of capital this will require – 2.8 trillion dollars needed by 2040 to invest in energy, according to the International Energy Agency and over 1 trillion dollars in other infrastructure. There is a role for the UK here,” he said.
The Minister covered other topics including “growing” links in education, and UK Government support for Prime Minister Modi’s regulatory reforms and smart cities initiative. “[UK] experts are also providing advice on Smart Cities, and technical assistance to support the massive expansion of renewable energy which will be key to India’s growth aspirations. And we are investing up to £12 million in the development of skills in India,” he said.
Mr Sharma finished his address with some hopes for what he described as a “bright” future for the UK-India relationship. “Wherever you look – in finance, technology or education, our economic and personal ties are thriving and there is scope and willingness on both sides to do more. It’s an exciting prospect and I look forward to working with many of you to make the most of the new opportunities,” the Minister added.
