Indo-UK ties riding high on invt
India had emerged as the third largest investor in the UK after US and Japan.
By PTI |
KOLKATA: Reflecting a paradigm shift in economic ties between India and UK, investments rather than trade was now dominating relations between the two countries, British High Commissioner Michael Arthur said today.
Arthur, while interacting with the business community here, said that India had emerged as the third largest investor in the UK after US and Japan.
Since 1991, UK was also the third largest investor in India.
The British diplomat said that after the high-profile Corus acquisition in the UK by the Tata Group, two or three more Indian companies were to sign deals with their UK counterparts shortly. He, however, declined to divulge the names of the Indian companies.
Regarding bilateral trade, Arthur said that in the last financial year, the volume was USD 10 billion, higher by 23 per cent over the previous period. The balance of trade was more or less equal between the two nations.
Arthur said that both the British and UK companies were able to cooperate in financial services, insurance, telecom, education and infrastructure.
To boost economic ties further between the countries, he said that a joint economic trade committee had been set up two years ago, which was headed by trade ministers of the two countries and regularly reviewed the progress in trade and investment flows between India and UK.
Arthur was also bullish on the prospects of the Indian economy which was growing at a rate of eight per cent. By 2020, an extra 200 million jobs would be created in India, more than US, Europe and China combined, he said.
Arthur, while interacting with the business community here, said that India had emerged as the third largest investor in the UK after US and Japan.
Since 1991, UK was also the third largest investor in India.
The British diplomat said that after the high-profile Corus acquisition in the UK by the Tata Group, two or three more Indian companies were to sign deals with their UK counterparts shortly. He, however, declined to divulge the names of the Indian companies.
Regarding bilateral trade, Arthur said that in the last financial year, the volume was USD 10 billion, higher by 23 per cent over the previous period. The balance of trade was more or less equal between the two nations.
Arthur said that both the British and UK companies were able to cooperate in financial services, insurance, telecom, education and infrastructure.
To boost economic ties further between the countries, he said that a joint economic trade committee had been set up two years ago, which was headed by trade ministers of the two countries and regularly reviewed the progress in trade and investment flows between India and UK.
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Arthur was also bullish on the prospects of the Indian economy which was growing at a rate of eight per cent. By 2020, an extra 200 million jobs would be created in India, more than US, Europe and China combined, he said.
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