Sir Vince Cable MP was the guest speaker at this year’s Asian Business Association (ABA) dinner, rebranded as the LCCI’s annual global dinner to reflect the increasing importance of longer-distance foreign markets for UK trade.
The former business secretary spoke to an audience of over 400 people at the Savoy Hotel of how he first witnessed the Asian business community driving economic growth when he was treasury finance officer for the Kenyan government in Nairobi in the 1960s. When conditions in East Africa changed and Asians were made less welcome “Africa’s loss was Britain’s gain” as many made their way to the UK.
The dismantlement of exchange controls in 1979 encouraged more investment in the UK from, for example, some of the big Indian companies and now the contribution from the Asian diaspora to Britain’s economy is enormous.
This black-tie dinner had a special focus on celebrating London as a global city; whilst looking at the challenges and opportunities we now face. Our capital is a transport hub to Europe and the world, 80% of our business is International. London is populous and diverse with nearly a third of the city's population from black, Asian or other minority ethnic groups. It is important to recognise the huge contribution Asian businesses make to London’s economy.
This premier gathering brought together a range of industries, Asian and non-Asian businesses. Last year's top table included; London's Deputy Mayor for Business, High Commissioner of Sri Lanka and Pakistan, Co-Chairman of the Hinduja Group, Baroness Verma and Rushanara Ali MP.
Perception
The former chief economist for Shell, now leader of the Liberal Democrat party, shared his concern that nothing was more damaging to Britain than the perception that it was being hostile to the outside. It was essential, he said, that the UK re-established its reputation as a place where business wants to invest and people want to invest, and people want to live.
The MP for Twickenham was introduced by ABA chairman Tony Matharu, managing director of Grange Hotels, who described the role of the association and its reputation as the ‘voice of the London Asian business community’. It also, within the London Chamber, facilitates cross border trade and investment with areas where the Asian community has historic links.
The dinner also featured a comic turn from Hardeep Singh Kohli, described as a broadcaster, comedian, chef and child of a corner shop owner.
The ABA Global Dinner was sponsored by Heathrow and Lloyds Bank. Supporting sponsors were The Currency Account and Smart Deskers. The charity partner was Livability.
photo credit: Dan Corbett, Ramshackle
