The UK India Business Council and The Associated Chambers of Commerce and Industry of India (ASSOCHAM) have signed a new bilateral agreement aimed at further strengthening UK-India trade and investment opportunities.
The accord was signed at ASSOCHAM’s Global Investors’ Forum held in London on 2 July and coincided with the launch of the UK chapter of ASSOCHAM – one of India’s largest and oldest trade bodies, representing some 400,000 companies and professionals across the sub-continent.
The new agreement supports Indian Prime Minister Narendra Modi’s Make In India programme and aims to promote trade delegations and facilitate cross-border business relations to actively engage in identifying projects of mutual interest for Indian and UK businesses to invest.
“India and the UK share a deep commitment to fostering more investment and ASSOCHAM has recognized the need for the changing business and investment environment to encourage this”, said Mr Vijay Goel, Chairperson of ASSOCHAM UK said,
Mr. Rana Kapoor, President of ASSOCHAM and Founder & CEO of YES BANK, led the signing event with the release of a report titled Make in India – Pressing the Pedal.
The report identified several key findings including a prediction that the value of Indian exports are expected to grow $64billion annually, as China loses out to India’s increasingly competitive labour market and growing working population.
Notably, the report underlined the UK’s prominent position as the fourth largest FDI contributor to India and, with India set to surpass China as the fastest growing economy in the world in 2016, the UK is set to benefit from India’s energised export drive.
The new road map will maximise opportunities for UK businesses and harness India’s potential especially in the fields of manufacturing, infrastructure and renewable energy”, said Mr Kapoor.
“India’s potential manufacturing and export-driven growth, key pillars of the India’s government’s Make In India campaign, offers a fantastic opportunity to UK investors and companies. As a hub for trade to the European continent, London is an excellent platform for new relationships to be built and we hope the strengthening of this corridor will improve the ease of doing business and provide British and Indian companies, especially in the SME sector, a new era of cross-border cooperation”, he added.
Mr Kapoor, the visionary behind one of India’s fastest-growing and innovative financial institutions, also urged investors to embrace Narendra Modi’s new business-friendly agenda and invest in India.
“The launch of ASSOCHAM in the UK is a turning point between UK and India relationships. The potential partnership between the UK and India is great but we cannot expect results overnight. To all investors here at this event, do not think twice, just invest: you will be successful.”