Indian Commerce Minister’s UK visit marks enhanced partnership
India’s Minister of Commerce and Industry, Anand Sharma, met with Prime Minister David Cameron at Number 10 Downing Street today while visiting for talks with Secretary of State Vince Cable and Universities and Science Minister David Willetts. The bilateral talks covered trade, investment, education, science and research.
“The coalition Government is committed to an enhanced partnership with India. I am delighted to welcome Mr Sharma and to open a very positive dialogue on a range of important issues with the Indian government."
“Bilateral trade is worth over £11bn a year, and India is already the second biggest foreign investor to the UK by number of projects. We must build on that. Freeing up trade is vital. We will push for a successful outcome to the Doha trade talks and bringing the EU-India free trade talks to a swift and positive conclusion.”
The Business Secretary also greeted a delegation of top Indian business leaders from the Confederation of Indian Industry (CII) who are accompanying Mr Sharma on his visit. The delegates included: Mr Hari S Bhartia, President of CII and Managing Director of Jubilant Organosys Limited, Mr B Muthuraman, the Vice Chairman of Tata Steel and Vice President of CII, and Mr Vikram Mehta, Chairman of Shell India.
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UK-India trade is £11.5 billion. The UK is the top European investor in India and India is the top Asian investor in UK by number of projects.
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In 2008/9, the UK attracted 108 project investments from India, generating 4139 new jobs.
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There are more than 700 Indian companies with investments in the UK; about two thirds are in the ICT/software sector. The stock of Foreign Direct Investment from India at the end of 2008 was £3.5bn.
Monday, 28 June, 2010
