India's Union Minister of Commerce and Industry, Kamal Nath, has spoken of the potential for bilateral trade and investment flows between India and the United Kingdom (UK) with regards to manufacturing, financial services, skill development, and infrastructure.
Speaking at the India-UK JETCO (Joint Economic Trade Committee) Plenary in India on January 20, the Minister said that “businesses have a very important role in the JETCO process and we look forward to inputs from businesses in these areas", adding that:
"The challenging global economic situation requires us to look at creative ways of enhancing business engagement and creating economic opportunities, both in India and in the UK.”
The Meeting was attended by Peter Mandelson, the UK's Secretary of State for Business along with the representatives from trade and industry.
Nath stated that healthcare industry is one of the sectors that can promote trade for the mutual benefit of people, remarking:“The JETCO Healthcare Working Group has also discussed the possibilities and it is for us to act on the suggestions. I am willing to ensure a more active dialogue between the Indian healthcare industry and the UK government, in order to arrive at a solution.”
Bilateral trade between India and the UK during 2007-08 amounted to USD12bn (USD7bn made from exports and the remaining USD5bn from imports).
Major export items to the UK include RMG cotton, petroleum, machinery, manufactures of metals, gems and jewellery and transport equipment. Imports from the UK include pearls, precious and semi-precious stones, electronic goods, machinery, non-ferrous metals and professional instruments.
The cumulative foreign direct investment inflow between 1991-2008 was to the tune of USD5bn. The main sectors that attracted FDI from the UK were telecommunications, fuels (power and oil refining); chemicals (other than fertilisers) and service sector (financial and non-financial).
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