The Hindu Business Line : UK envoy seeks more Indian investments

THE UK has sought more investments from India, and a strong pitch was made in this regard by the new British High Commissioner in India, Mr Michael Arthur.

Speaking at a business workshop - `Investing in the UK,' organised here by the British Deputy High Commission, Mr Arthur dwelt at length on UK's attractiveness as an investment destination. He cited advantages such as developed and deregulated telecom infrastructure, good e-business environment, availability of skilled workforce having European language skills and low rate of taxes. "UK is the gateway to the huge European Union market of 400 million consumers and it also provides everyone with a barrier-free access to this market," Mr Arthur said.

According to him, the Indo-British partnership initiative, launched in 1994, had entered its 10th year and the value of bilateral trade between the two countries was now pegged at £5 billion. Around 1,900 business partnerships have been formed in the last decade. Currently, there are around 450 Indian companies operating in the UK. Of this, around 350 companies were engaged in field of information technology, software services and communications.

In 2002-03, the UK attracted over 700 new projects from overseas. Of this, 19 projects were from India. Besides IT and communications, Indian investment was welcome in other sectors such as biotechnology, engineering and entertainment.

In his presentation, Mr Steve Firstbrook, Deputy Director of the Inward Investment Group, UK Trade & Investment, said his country accounts for a third of India's total investment in Europe. He put the market for software and IT services in the UK at $38 billion in 2002. This is expected to grow to $42 billion by 2005. Given its strength in IT services & software, it is only appropriate that Indian IT companies invest in the UK, he added.

Mr Firstbrook said biotechnology, too, offered scope for investments. Over 450 biotechnology companies engaging 23,650 people are now operational in the UK.

The workshop was part of the "UK and Kolkata" programme, a 10-day event which features, among other things, a UK and India quiz contest, a "Kolkata Karnival," a film festival, a dance workshop and a cricket match.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Govt-industry tie spurs R&D for CFC substitutes

Canada relaxes immigration norms

Good ride for cars in Nov; sales up 41 pc

Industrial growth slips to 5.4 per cent in Oct

Air quality improver

Fertiliser cos join hands to talk terms with Petronet LNG

PM visualises a single currency for S. Asia

India may benefit from proposed EU licensing norms

India must improve infrastructure, cut red tape, says LG executive

BPCL moves to sell products thru e-choupal network

Bed of gases