Business and finance leaders from the UK and India met in London today to celebrate strong financial services ties and explore new business opportunities.
The India Day summit at Mansion House was attended by Theresa May, international trade secretary Liam Fox and Indian commerce minister Piyush Goyal, as well as government ministers and business delegates from both countries.
Talks centred on plans to further strengthen the UK-India relationship, and highlighted the opportunities for future trade and investment between the two nations.
Prime minister Theresa May used her speech to hail the “very modern face of UK-India relations” centred around world-leading businesses and cutting-edge technology.
She said: “Our nations are many thousands of miles apart, our cultures in many ways very different. But for all that diversity, the UK and India have much in common. Our countries are twin pillars of the Commonwealth. Each is built on shared values of democracy and the rule of law. We are equally committed to open markets, to free trade and the international order. Both governments are dedicated to tackling the global challenges – from security to climate change – that no one nation can defeat alone. And, of course, we both share an extraordinary love of cricket.”
Mrs May highlighted a number of joint initiatives including the Green Growth Equity Fund. The scheme will see the UK and India co-investing £240 million of anchor capital to invest in green and renewable energy.
She also drew attention to the newly launched £40m Fast-Track Start-Up Fund, supported by both the UK and Indian governments, which will see money invested in Indian start-ups focussed on emerging technology.
Prime minister Theresa May described India and the UK as twin pillars of the Commonwealth
The Secretary of State for International Trade, Dr Liam Fox MP, said: “The UK and India already have a strong bond, built on historic links and present-day trade, which is worth £20 billion. This is a solid base to build on as we venture into the future as partners working to strengthen our economic ties and create growth for prosperity in both nations.”
India is the UK’s 11th largest export market outside of the EU and accounts for £7.5 billion of existing investment in the UK. Bilateral trade is valued at more than £20.5 billion per year, and grew at 14 per cent last year.
Peter Estlin, Lord Mayor of the City of London, added: “India Day is a celebration of UK-India ties, and I’m delighted it is being held in the City of London.
“This flagship event looks at how we can work together to take our near £20 billion bilateral relationship to the next level, with a focus on financial services. Closer partnership in areas such as fintech, green finance, insurance and infrastructure which would benefit both sides.”
Main image: © Crown copyright 2019.