Great potential for India-UK bilateral trade in manufacturing and financial services

January 20th, 2009 - 6:57 pm ICT by ANI  

New Delhi, Jan 20 (ANI): Union Minister of Commerce and Industry Kamal Nath today said that there is a great potential for bilateral trade and investment flows between India and UK in the areas viz., manufacturing, financial services, skill development, and infrastructure.
Speaking at the India-UK JETCO (Joint Economic Trade Committee) Plenary here, 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”.
“The challenging global economic situation requires us to look at creative ways of enhancing business engagement and create economic opportunities, both in India and in the UK”, he added.
The meeting was attended by Peter Mandelson, UK Secretary of State for business along with the representatives from trade and industry.
During the meeting, Nath raised the issue of visa problems faced by the Indian industry particularly about the duration and extension of work permits.
He said that “We need to have clarity, uniformity and transparency in visa/work permit procedures”. He also stated that healthcare industry is one of the sectors that can promote trade for the mutual benefit of people.
“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”, he added.
The bilateral trade between India and UK during the year 2007-08 was 12 billion dollar.
Major items of exports to UK during 2007-08 were RMG cotton, petroleum, machinery, manufactures of metals, gems and jewellery, transport equipments, while the imports from the UK include pearls, precious & semi-precious stones, electronic goods, machinery, non-ferrous metals, professional instruments. (ANI)

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