India's trade with the UK has crossed £5 billion this year, said British high commissioner, Howard Parkinson. He said the UK has the third largest share (7 per cent) of new investments approved since 1991, well ahead of Germany, Japan and France.
He added that UK has also the fifth largest share (4.5 per cent) of new investments implemented since 1991. He was addressing a sesson organised by the Confederation of Indian Industry (CII) here today.
The session explored specific trade opportunities between Britain and industries in Gujarat. It provided a unique opportunity to the business community in the state to identify, enhance and consolidate trade links with Britain.
It also facilitated one-to-one meetings and discussions with senior officials of the industry and helped devise ways for business tie-ups, joint ventures and technology transfer with the British companies.
Addressing the meet, Kalyan Banerjee, Chairman of the confederation's Gujarat council, said, India industry was adopting a new outlook and was taking active steps to encourage inward investment by importing advanced technology.
He said the UK was a profitable market offering opportunities for exports and also had excellent facilities for raising money and setting up business operations. He added that the country and also provides a good gateway to the European market.
Banerjee said Gujarat was a preferred destination for investments for the domestic as well as the international players. He added that trade between India and the UK has grown 70 per cent since the Indo-British Partnership was formed in 1993.
He said the bilateral trade between the two countries in 2000 grew by 28 per cent, with the UK exports to India growing by 41 per cent. He added that the UK accounts for 6 per cent of India's total foreign trade.Rick Lowes, first secretary commercial and deputy head of mission, introduced the British team of officials.
Other representatives of the team included HSBC, Betts Group, Mott MacDonalds, Royal Sundaram Alliance and Ernst & Young.
Bob Thomas, managing director, Gujarat Gas Company Ltd, said investment worth Rs 60 crore for LNG facility in Gujarat was already under implementation and plans were there to double the operation.
Paul Smith of the British Council identified various avenues for training and development opportunities in India. He also appreciated a proposal from Gujarat Maritime Board to set up maritime training institutes in Gujarat. K P Vohra, director, Gujarat Positra Port Infrastructure Ltd, said the company has in-house maritime training institute.
