Union Minister of Commerce and Industry and Railways, Piyush Goyal, will be on a three-day visit to the United Kingdom from 14th July 2019.
On the first day of his visit, Commerce & Industry Minister will meet Indian diaspora and interact with Indian business leaders. On 15th July, Piyush Goyal will address India – UK Joint Economic Trade Committee (JETCO) meeting in London. Piyush Goyal will deliver his key note address in the plenary session of JETCO.He will also hold meetings with theBritish Secretary of State for International Trade, Dr. Liam Fox.
India – UK Trade and Economic Relations are reviewed annually by the JETCO at the level of Commerce and Industry Minister. So far 12 meetings have already taken place.The last meeting was held on 11th January, 2018 in London.The India – UK JETCO was established on 13thJanuary, 2005, to further develop a strategic economic relationship and develop business led vehicles to enhance bilateral trade and investment.
Piyush Goyal will also visit the University College London (UCL) centre of excellence which is looking at opportunities arising from Artificial Intelligence (AI) in collaboration with Indian partners.Sir Dominic Asquith and British business leaders will hold discussions with Commerce & Industry Minister on India’s progress on the Ease of Doing Business.
Commerce and Industry Minister will also participate in theIndia Day conclave on 16thJuly 2019 in London. The event is co-hosted by the UK Government and the City of London. Over 300 delegates from the UK and India’s financial sectors, including senior bankers, CFOs, major international institutional investors, lawyers, insurance brokers and fund managers are expected to attend the conclave. India Day will begin with a market opening ceremony to ring the bell at the London Stock Exchange.
The event will build on already significant ties between the UK and India in financial services and explore future opportunities for the relationship. It will also help to generate new ideas for mutual collaboration at the upcoming 10th Economic and Financial Dialogue between the India and UK.
One of the key objectives is to show opportunities to invest in India to the City of London’s most prominent institutional investors. Commerce and Industry Minister will be seeking to raise the profile among international investors of the Green Growth Equity Fund which the UK and Indian Governments (through the National Investment and Infrastructure Fund(NIIF)) have jointly set up with investments of £120 million each.
The key themes that will be discussed include Future of the UK-India Financial Services Relationship, opportunities in India’s growing economy, innovation in financial services (FinTech), investing in stressed assets, opportunities in green infrastructure financing, investing in innovation (private equity/venture capital) and future of insurance.
Today around 800 Indian companies operate in UK employing 104, 932 persons, spanning goods like automotive, pharmaceuticals and chemicals and services in sectors like technology, engineering and finance.
UK is the third largest FDI investor in India and is among India’s main trading partners. Trade totalled Euro 13.6 billion in 2018. Moreover, trade between India and UK increased at an average rate of 8.8% per year between 2002 and 2018.