The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the UK India Business Council (UKIBC) jointly signed a new bilateral agreement on Thursday, July 2 at the ASSOCHAM Global Investors' India Forum, London, to further strengthen UK-India trade and investment corridors and establish a stronger relationship between investors and companies. The event also coincided with the launch of the UK Chapter of ASSOCHAM.
Rana Kapoor, President, ASSOCHAM and MD & CEO, YES BANK, led the signing event with the release of a report titled Make in India-Pressing the Pedal. The exclusive report identified several key findings including a prediction that the value of Indian exports are expected to grow USD 64 billion annually, as China loses out to India’s increasingly competitive labour market and growing working population.
Supporting Prime Minister Narendra Modi's 'Make In India' strategy and in partnership with UK Trade and Investment, the treaty with ASSOCHAM aims to promote trade delegations and facilitate cross-border business relations to actively engage in identifying projects of mutual interest for Indian and UK businesses to invest.
Notably, the report underlined the UK's prominent position as the fourth largest FDI contributor to India and, with India set to surpass China as fastest growing economy in the world in 2016, the UK is set to benefit from India's energised export drive. The new road map set out in the treaty will maximise opportunities for UK businesses and harness India's potential especially in the fields of manufacturing, infrastructure and renewable energy.
Welcoming the signing of this treaty and the launch of a UK base for the Indian chambers, Rana Kapoor stated, ''India's potential manufacturing and export-driven growth, key pillars of the India’s government's Make in India campaign, offers a fantastic opportunity to UK investors and companies.''
''As a hub for trade to the European continent, London is an excellent platform for new relationships to be built and we hope the strengthening of this corridor will improve the ease of doing business and provide British and Indian companies, especially in the SME sector, a new era of cross-border cooperation. The launch of ASSOCHAM in the UK is a turning point between UK and India relationships. The potential partnership between the UK and India is great but we cannot expect results overnight. To all investors here at this event, do not think twice, just invest: you will be successful.''