Britain and India on Tuesday announced plans to strengthen trade relations between the two countries with an emphasis on financial services, trade and technology during a series of events as part of an ‘India Day’ in London.
Prime Minister Theresa May, international trade secretary Liam Fox and India’s commerce minister Piyush Goyal discussed the plans with delegates from Indian and UK businesses and highlighted the opportunities for future trade and investment.
The event, co-hosted by the City of London, focused on how UK and Indian financial markets can support India’s transition to a more services-led economy by improving access to its import markets and internationalising its currency.
Peter Estlin, lord mayor of the City of London, said: “For over a century, India has been an important partner. In fact, some of our most long-standing businesses in the city are Indian – with the State Bank of India having offices here since the turn of the century”.
“Today, the London Stock Exchange is the leading centre for the issuance of ‘masala bonds’. And the City of London Corporation has had offices in Mumbai for over a decade”.
The day-long event brought together ministers and business representatives from both countries, including the deputy governor of the Bank of England, David Ramsden, the trade commissioner for south Asia, Crispin Simon, and Thomas Ashton, parliamentary under secretary of state for Culture, Media and Sport.
Fox said: “The UK and India already have a strong bond, built on historic links and present-day trade, which is worth £20 billion. This is a solid base to build on as we venture into the future as partners working to strengthen our economic ties and create growth for prosperity in both nations”.
“This morning, minister Goyal and I opened the London Stock Exchange, which is now the world’s largest rupee-denominated Masala bond centre, selling more than half of all the rupee-denominated bonds issued to overseas buyers globally”.
The event included sessions on issues such as insurance and infrastructure financing, attended by representatives of the London Stock Exchange, Standard Chartered, WorldPay, Prudential, Hero Enterprise, Punjab National Bank, HDFC Life, National Investment and Infrastructure Fund and Lloyds of London.
Goyal also addressed the 13th Joint Economic and Trade Committee between the UK and India. The UK announced that it is widening the scope of the India-UK Joint Working Group to include new sectors, including services and chemicals.
First Published:
Jul 17, 2019 15:31 IST
Source: HindustanTimes