A high-profile CEOs delegation led by Naushad Forbes, President, Confederation of Indian Industry (CII) and Co-Chairman, Forbes Marshall visited the UK from 5-7 July, 2016 to reinforce the vibrant and dynamic India-UK economic engagement and highlight new bilateral business opportunities post Brexit. The delegation, one of the largest CII missions to the UK, with 22 top Indian CEOs, was the first such business engagement between the two countries after Britain's referendum to exit from the EU.
This is a dynamic period for the UK-India bilateral economic relationship. Prime Minister Narendra Modi's official visit to the UK in November 2015 reinvigorated business ties. Over £9 billion of commercial deals were announced as UK companies responded to “Make in India” and Indian companies increased their business footprint in the UK. Regional engagement is playing a greater role and Technology collaboration has emerged as a major theme with possibilities from R&D to entrepreneurship, tech transfer to co-creation.
Indian companies invest more in the UK than in the rest of the EU combined, and India is the third largest investor in the UK economy. Likewise, the UK is the third largest foreign investor in India. The two countries have established a range of cooperation mechanisms, including UK participation in India's high profile industrial corridors, ambitious renewable energy program and science and technology.
At a gathering at London's Taj Hotel, on the second day of their visit (6 July) Naushad Forbes told a room full of guests that included businessman and media, that this year India's growth is projected to be 8% (if India has a normal monsoon), and could even go upto 10%- in urban and rural areas. “Opportunities in India are huge. Last 25 years, several Indian companies, Multi-National Corporations (MNCs) with Indian roots are establishing themselves internationally- especially in the UK. India and UK have been great investment partners, due to similar systems, such as the legal structure etc. But they have not been equally good trade partners.”
He further added that with Brexit, he is hoping the trade ties between UK and India are going to get stronger. He also emphasised that India could benefit from the advanced research tenchniques UK has, especially in design technology area.
Jo Johnson, UK Minister of State for Universities and Science promised that Britain is not going to be insular or inward looking. “It's been frustrating that the India-EU bilateral relationship has been taking so long. We have people to people ties, having a huge Indian diaspora in the UK, that is successful. We welcome all those ties, and one of such moments were Indian Pm Modi visiting the UK and the establishment of the Gandhi statue at the Parlaiment square.
He also added that as a Minister for Universities he welcomes Indian students in the UK. “There is no limit to Indian students coming here to study or stay back here after completion of their course- provided they land a job under the graduate scheme.
He concluded saying, as the Minister of Science, he would be going to India from 7-9 November for the tech summit in Delhi and he is hoping to make more contacts and meet further CII delegates there.
Keith Brown, a Scottish politician (MSP) spoke about the potential of Scotland and India relationship in the field of green fuel, in diagnostic areas such as HIV, Malaria tests; education, skill, water; innovation in areas such as low carbon technology, regenerating medicines- being one of the emerging sectors of potential bilateral trades. He also welcomed Indian companies to coinvest in companies in Scotland, including equity investments. He concluded by saying that they would also like to look at a direct airline to India from Scotland.
Indian High Commissioner to the UK, His Excellency Navtej Sarna added, that uncertainties that Brexit brings along could be useful for business. He emphasised that India's trade and investment relationship with UK is very strong in several areas, and there are 800 Indian companies here in the UK already. This has been the year of Technology and Education. Next year will be the year of culture. “We (india) are a young country. Literacy will go upto 99% in the future, R&D, aviation market, railway- all have lot of potential.” He added as per his discussions with different people and sectors here in the UK- it is evidential India-UK relationship can concentrate on India's manufacturing and desigh hub, renewable energy and of course FDI- opening up in all sectors.
Sir Dominic Asquith, the British High Commission to India emphasised that India-UK partnership has a great future and established how keen UK is to take the relationship further- whether it is the City of London, Masala bonds or any other aspects of the financial relationship.
Carolyn Fairbairn, CBI Director-General, said, “The UK is India’s biggest investor among the G20, and we need to make the decision to invest in India even easier. Now more than ever before, we also need to send out a clear message to our friends around the world - especially in India - that Britain is open for business. Working together, the UK and India have already achieved so much. We want to continue the progress we’ve seen, and get a whole generation of young people - tens of millions of Brits, and hundreds of millions of Indians - excited about what we can do together.”
The session was followed by a panel discussion among business leaders and experts on India-UK business collaboration, who provided resourceful and valuable insights across various sectors and areas– ranging from manufacturing, infrastructure, healthcare, energy and water, agriculture and food processing industries to youth collaboration.
The session was moderated by Mark Runacres, India Advisor for the Confederation of British Industry (CBI). Panellists in the business session included: Shobana Kamineni, President Designate, CII and Executive Vice-Chairperson, Apollo Hospitals Enterprise Ltd., Rakesh Bharti Mittal, Vice President, CII and Vice Chairman, Bharti Enterprises, Dhruv Sawhney, Chairman & Managing Director, Triveni Turbines Ltd, Ajay Shriram, Past President, CII and Chairman & Senior Managing Director, DCM Shriram Ltd., Sumit Mazumder, Immediate Past President, CII and Chairman & Managing Director, Tractors India Pvt. Ltd. and Raghu Kailas, National Chairman, Young Indians and Managing Director Unimo Exports Pvt. Ltd.
