Until recently however, many businesses thought of India only in terms of outsourcing or low-cost call centres. My message to any company still under that impression is: think again.
The road between UK and India has become an evenly balanced two-way route with around $6bn flowing in each direction. The UK is one the top three investors in India, and India is also a major investor in the UK. In fact, Indian firm Tata Group has become the single biggest manufacturing employer in Britain.
Cities like Delhi and Chennai have become a home from home for British household names like Marks & Spencer, who have 14 stores in India, JCB, who supply 50% of the country's construction vehicles, and Vodafone, now the number two mobile operator in a country selling ten million mobile handsets every month.
Enormous opportunities exist in sectors such as energy, education, urban infrastructure services and construction, and in fast-growing states such as Gujarat, north of Mumbai and Tamil Nadu in the south.
Each year, UK Trade & Investment helps around 2,500
entrepreneurs, mainly SMEs, profit from an
economy that grew 6% this year, despite the global downturn
Across India there is a genuine thirst for partnerships with British companies that can add their skills and expertise to the supply chain. For example, London-based Johnson Matthey, who supply catalytic converters to giant automotive groups such as Mahindra.
A commitment from the recently re-elected government to put a billion new drivers on the road using low carbon vehicles shows India is on the move, in every sense of the phrase.
Our two-way relationship is also underpinned by a strong cultural bond. Over a million people of Indian origin live in the UK and over 600,000 British tourists visit India every year.
As with any country, there are challenges. Delays, corruption and regulatory caps on sectors like defence and insurance all exist in India. However each year, UK Trade & Investment (UKTI) helps around 2,500 entrepreneurs, mainly SMEs, navigate such issues and profit from an economy that grew 6% this year, despite the global downturn.
Four centuries after the British East India Company first sailed to the subcontinent, our special trade relationship continues to grow. UKTI is here to help, offering services from market information to media activity, contacts to competitors, and I'd be delighted to hear from any IOD member wanting to explore their options for doing business here.
UKTI can support UK companies every step of the way, guiding a business through these issues to develop its international trade potential and access overseas markets like India. With a team of experts across the UK and India, UKTI provides a cost effective service to make doing international business as easy as doing business in the UK.
For more information please visit www.ukinvest.gov.uk
