The Hindu Business Line : UK keen on boosting trade with India

With bilateral trade between India and the UK set to touch $10 billionthis fiscal, India is turning into a hot destination for small and mid-size UK companies.

Talking to presspersons, Ms Vicki Treadell, the new British Deputy High Commissioner in Mumbai, said the UK was the fourth largest investor in India, during the period January-October 2005 (6.56 per cent), behind Mauritius, the US and Singapore.

There was also a significant reinvestment by UK companies already established in India, which was not included in the new investment figures. She said there were about 115 companies in Pune that had British links. The total trade in goods for the period January-October 2005 witnessed an increase of about 25.8 per cent over the previous year. UK-India bilateral trade in goods and services was £6.3 billion in 2004. Major items of trade in goods included UK exports to India - non-metallic minerals, gold, power generating and telecom equipment, transport equipment and industrial machinery. The UK's imports from India included textiles and readymade garments, gems and jewellery, footwear, metal manufacture, organic chemicals and vegetables and fruits.

British Trade Centre

Ms Vicki said the British Information Centre in Pune would be upgraded to become the British Trade Centre and would have its presence in the International Convention Centre in Pune. This centre is expected to be operational by October this year.

There was a growing interest in research and development and UK companies were looking at R&D collaboration with academia. UK Universities were also eyeing Indian shores for setting up centres, she said.

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