UK India Week 2018
In a special event dedicated to the UK India-Week, there is much hope that this special relationship will only get stronger as Brexit beckons and Britain needs a major trading partner. With India progressing as an economic hothouse, it is no wonder that the UK-India Week is gaining new gravitas.
The event attracts political leaders of both nations together with entrepreneurs, philanthropists and strategists. The Week was launched with a five-day international conference 'Global Britain Meets Global India' was held in London and Buckinghamshire by
His Excellency YK Sinha Indian High Commissioner in London, Union Minister Manoj Sinha, Matt Hancock, MP for West Suffolk and Manoj Ladwa Founder & CEO of IndiaInCorp. The event also included the second edition of the 100 Most Influential in UK India Relations.
The UK’s International Trade Secretary Liam Fox delivered a speech on the UK and India future trading relationship. He stated that a post-Brexit trading partnership between the two nations "has the potential to shape the global economy."
Dr Fox said: "In particular, as we leave the European Union, there is the opportunity for both countries to enhance our partnership – opening up new sectors for business and minimising barriers to trade.
"For the first time in more than four decades, the United Kingdom will be able to fully determine its own economic destiny, through an independent trade policy.
The minister pointed to the existing strength of investment links between the two countries, saying that, over the past decade, the UK had been the largest G20 investor in India with more than 270 British companies now operating in India, employing nearly 800,000 people.
Approximately 800 Indian companies were operating in the UK in 2016, accounting for around 110,000 jobs and recording combined revenues of £47.5 billion.
"In the same year India established 127 new investment projects in the UK, adding 4,000 new jobs and safeguarding more jobs than any other country," he said.
"Through free trade and increased economic openness, India has been transformed into one of the most dynamic and fast-growing economies on earth.
"India and the UK are countries that are looking to our respective and joint futures with optimism, and a willingness to embrace the opportunities of globalisation,” he added.
Although there is much optimism, there are critical issues that on occasions bring tension. This includes the issues of student visas and migration, the difficulty of doing business with Indian bureaucracy and reducing corruption. It all can be fixed, but it will take time. Till then the is the small matter of England vs India cricket series!