India seeks investments from Northern Ireland

NEW DELHI: Dispelling concerns over slowdown in India's growth, Commerce and Industry Minister Anand Sharma has told global investors that the economy would rebound this year and the country continues to offer long-term potential.

While addressing the Global India Business Meet yesterday at Belfast in Northern Ireland, Sharma said: "I also invite investors and businesses to invest in India and assure them of long term benefits from engaging with India."

Sharma said that last year had been difficult for the Indian economy but "he hopes a rebound in the economic scenario this year", an official release said. India's growth rate slipped to a decade low of 5 per cent in 2012-13.

The minister asked the business community to explore business opportunities in infrastructure sector and outlined initiatives taken by the government to improve investment climate and boost manufacturing sector.

He sought investment from Northern Ireland and said the countries can collaborate in areas like intellectual property and cyber security.

"With North Ireland known for its development of telecom payment software and software for DTH set top boxes in India, collaborative arrangements in IP and cyber security are the areas of interest between the two nations," Sharma said.

Over 30 North Ireland companies have commercial operations in India. Indian IT companies like Wipro, Tech Mahindra, L&T Infotech, HCL and Polaris are present in North Ireland.

About 300 businesspersons from Northern Ireland, UK and India were present at the meet.