Lord Mandelson said: “India is not only a global economic power, it is also one of the fastest-growing economies in the world. I am delighted to welcome Minister Sharma here, and anticipate fruitful talks.
India is not only a global economic power, it is also one of the fastest-growing economies in the world.
Lord Mandelson
Business Secretary
“India's confidence, energy and innovation, allied to the UK’s world-class knowledge economy, can transform life for millions in both our countries and around the world. We can work together in the high technology sectors that will facilitate low carbon growth and bring long-term prosperity.”
Indian investment in the UK has grown with banks such as ICICI and State Bank of India expanding their foreign operations, and more than 600 firms now represented in this country.
About two thirds of those companies work in the IT or software sector, and in 2009 India overtook Japan to become Britain’s biggest Asian investor by number of projects.
Nearly 4,000 jobs were created in the UK last year due to Indian investment.
The Joint Economic Trade Committee (JETCO) talks follow a series of official meetings between the two countries’ governments.
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Lord Davies, Britain's trade, investment and small business minister and Lord Mandelson both visited India last year, while India's human resources minister Kapil Sibal made the journey in January. He was followed by Kamal Nath, the Indian road transport and highways minister who visited London last week.
The talks were expected to cover banking, business services, education, food and drink, infrastructure, intellectual property and retail opportunities.
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