The Hindu Business Line : Scope to boost ties with UK in services sector

New Delhi, March 10 Small and medium enterprises (SME) and service sectors of the UK and India need to increase their business contacts to tap the limitless business potential that exists between the two countries.

This emerged at a meeting between the visiting Duke of York, Prince Andrew Albert Christian Edward and the Minister of State for Industry, Mr Ashwani Kumar, here today.

During the bilateral meeting, Duke of York informed Mr Kumar that British companies recognise that India would be at the centre of the Asian economic growth story. He also said that British companies were aware of the importance of India’s favourable demographic profile being the major contributor of the growth of global economy.

Keeping in view the overall outward investment profile of the UK, Duke of York said that there was tremendous scope for an exponential growth in not only trade but also in investments.

He outlined comparative strength of the UK in services sector such as legal and accountancy, research and development, financial, education, retail, innovation, green technologies and infrastructure. He hoped that India would take next level of steps for improved market access.

Mr Kumar informed the Prince about the Indian Government’s focus on education and skill upgradation. He also reiterated India’s commitment to the rule-based multilateral and equitable international trade regime.

UK is the third largest investor in India with cumulative FDI of $4.13 billion. UK is also one of the major contributors of technology to India with 860 technical collaborations in the past 17 years.

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