London, United Kingdom
The UK takes a major step towards cementing closer business, investment and trade ties with India on a bilateral level with the official launch of the UK India Business Council (UKIBC), at the UK Trade and Investment Awards today in Mumbai, India.
Being officially launched by Digby, Lord Jones of Birmingham, currently the UK's Trade and Investment Minister, the UKIBC is the lead organisation supporting the British Government in the promotion of bilateral trade between the two countries. In 2006, UK India bilateral trade increased significantly to GBP 8.74bn from GBP 7.9bn in 2005.
UKIBC will seek to play an influential role in creating and sustaining an environment in which free-trade and investment flourishes. A key objective in this regard will be the highlighting, and dismantling, of bureaucratic and regulatory barriers to entry.
The UKIBC is supported by an annual budget from HM Government of GBP 1m, with the organisation due to raise additional funding through its own activities.
Digby, Lord Jones of Birmingham, Trade and Investment Minister, said:
"The Government has rightly given the UKIBC the proper recognition and funding to really drive forward bilateral trade between the UK and India. It is a fantastic vehicle for giving British business practical assistance and also access to key Indian policy makers to help deepen their understanding of the massive opportunities."
"I congratulate all those such as Lord Karan Bilimoria, who have put so much effort into building this organisation up. It really does have the most brilliant heritage and I have every confidence that it will make a real difference in developing our businesses relationship with India."
UKIBC Chief Executive Sharon Bamford, who will work closely with the UK and Indian governments, alongside UK Trade and Investment and the Indian High Commission in London, commented:
"UKIBC will bring focus to the UK's engagement with India and greatly enhance bilateral trade and investment between our two great nations. Through the facilitation of partnerships, and with the support of an extensive network of influential corporate and individual members, UKIBC will provide the resource, knowledge and infrastructure vital for UK companies to make the most of the business opportunities in India, and for Indian companies to invest in the UK."
As part of its mandate, UKIBC has also hosted a number of events in London including a luncheon for senior members of British PLC with Mr P Chidambaram, Finance Minister, Kamal Nath, Minister of Commerce & Industry, a lunch reception for Ms Ambika Soni, Union Minister for Tourism and Culture, Government of India with representatives of the tourism and cultural industries in the UK. On Friday 28 September will be holding a luncheon discussion with Dr. D. Subba Rao, Finance Secretary, and a senior delegation from The Ministry of Finance, Government of India.
For more information please contact:
To speak with UK India Business Council Chief Executive Sharon Bamford at the UK Trade and Investment Awards on Thursday 27 September please contact: Harshad Bhagwat, mobile phone: + 91 9821271514
NOTES TO EDITORS
Below are the prime objectives of the UK India Business Council
-- To be recognised as the first "point of reference" for any UK company looking to trade with or invest in India, and vice versa.
-- To create a networking forum open to British companies or individuals interested in trading with, or investing in,India.
-- To facilitate introductions between UK and Indian companies, fostering two-way trade.
-- To provide incisive and "thought-leading" research on macro political, economic and social issues, engendering a greater understanding of bilateral trade and investment opportunities.
-- To provide practical support and information for UK companies seeking opportunities in the Indian market.
-- To directly assist the governments of the UK and India in building and developing bilateral trade and investment opportunities, primarily through its active participation in the Joint Economic Trading Committee (JETCO) and through promoting the interests of British and Indian inward investment industries.
-- To participate in high level inter-governmental ministerial meetings or delegations to India.
Fast Facts: India UK Trade and Business
-- UK India bilateral trade in 2006 was GBP 8.74bn up from GBP 7.9bn in 2005
-- UK Exports of Goods to India were GBP 2.69bn and service exports to India were GBP 1.42bn
-- UK Imports of Goods from India were GBP 3.34bn and service exports to India were GBP 1.49bn
-- Chief UK exports to India are Non-metallic minerals(diamonds), gold, power generating and telecoms equipment, and industrial machinery
-- UK Imports from India include Textiles, gems and jewellery,footwear, metal manufacturers, organic chemicals, vegetables and fruit
-- UK has the third largest share of cumulative Inward investment into India at $3.6 billion after Mauritius (OCB investments)and USA
The UKIBC is supported by UK Trade and Investment (UKTI).
For more information on UK India Business Council, please visit www.ukibc.com
Source: Business Wire (Business Wire India)