The City of London Corporation on Thursday announced its sponsorship of the Indo-British All-Party Parliamentary Group (APPG), a cross-party informal group working to strengthen bilateral ties, to promote closer India-UK relations in the field of financial and professional services.
The APPG, chaired by veteran Indian-origin Labour party MP Virendra Sharma and made up of members of both Houses of Parliament in the UK, aims to promote understanding and cooperation between Indian and British parliamentarians.
The City of London Corporation's sponsorship, which involves an annual fee of 3,000 pounds, falls under the umbrella of its wider Asia programme.
Catherine McGuinness, Policy Chairman of the City of London Corporation, said support of the "highly influential group" marked a logical next step for the Corporation, which provides local government and policing services for the financial and commercial heart of Britain, known as the Square Mile of London.
"Since we opened our office in Mumbai a decade ago, the City of London Corporation has been at the forefront of promoting closer UK-India relations in financial and professional services alongside industry and government partners, McGuinness said.
The City Corporation highlighted its longstanding programme of work in India, with current priorities for the organisation in the country ranging from developing ties in insolvency and bankruptcy regulation development, green finance and fintech.
"The APPG is excited to be working more closely with the City of London Corporation. The City Corporation is a worldwide brand and an amazing asset to Britain, what they say matters, and we are looking forward to their contributions to the group, said Indo-British APPG chair Virendra Sharma.
"Their support means we can do new things, draw more attention to UK-India relations and continue to ensure policy makers are always thinking of that special relationship, he said.
The support of the APPG comes as the City Corporation continues its Asia Next Decade campaign, which involves working in partnership with industry and government to highlight future priorities for engagement between the UK and Asia.
The decision to support the Indo-British APPG was agreed at a meeting of the City Corporation's Policy and Resources Committee, which is responsible for the organisation's governance arrangements, recommending its strategic priorities, agreeing policy, and allocating overall resources.
It follows the organisation's longstanding sponsorship of many similar groups, including the APPG for China.
The City Corporation says it has run a representative office in Mumbai since 2007 to enable long-term relationship building with financial sector stakeholders across India. Around 10-15 Indian financial firms are based in the Square Mile, which the City Corporation works closely with.
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