The Hindu Business Line : Indo-UK bilateral trade to register 20 pc growth

From a level of around $ 10 billion in 2003-04, the Indo-UK bilateral trade is expected to touch $ 12 billion in 2004-05, according to Mr Stephen Lillie, Counsellor (Economic) & Director of Trade and Investment, British High Commission, New Delhi.

Mr Lillie was speaking to newspersons at a function held here to mark the launch of "Infinite Possibilities: A Guide to Establishing a Presence in the UK", the latest British Government tool-kit for Indian companies looking to expanding into the UK.

Mr Lillie said the number of Indian businesses investing in the UK had gone up by 47 per cent in 2003-04 over 2002-03. In 2003-04, 28 new investments from India were established in the UK creating 646 new jobs. That took the total number of Indian companies in the UK to 480. Of this, over 350 companies belonged to the IT and software sector.

According to him, in the current fiscal too an increasing number of Indian companies were either expanding or setting up operations in the UK. The UK had emerged as the top European investment destination for Indian companies targeting the European market and beyond. About 60 per cent of India's foreign direct investment into Europe goes to the UK. In fact, India is the second-largest source of FDI into the UK from Asia in terms of projects and jobs generated and ranks among the UK's top-ten foreign direct investment markets.

Speaking on the occasion, Dr Andrew Hall, British Deputy High Commissioner to Eastern India, said the publication was a step-by-step guide produced specifically for Indian companies to support them in setting up businesses or expanding operations in the UK.