India-UK ties paddling in shallow end

Britain's minister for business engagement with India, Greg Barker, has stressed on the enormous potential that still exists in terms of enhancing India-UK ties. Speaking exclusively at India Inc's Global Wealth Management Conclave this week, the man charged by British Prime Minister David Cameron to drive the country's so-called special relationship with India forward was clearly upbeat on the pace at which that relationship was developing. Barker, pictured with India Inc CEO Manoj Ladwa and Paul Eagland representing co-sponsers BDO, told the gathering of wealth experts and entrepreneurs: “When the Prime Minister went to India on his first visit on taking office in 2010 it was clear this was going to be the foreign engagement of David Cameron's first term. He set the ambitious task of doubling trade and investment between the UK and India by 2015. “The good news is we are well on track to achieving that goal but the bad news is even if we deliver that, we are still going to be paddling in the shallow end of the great pool of potential looking at the size of the economies.” “But there are some fantastic examples of Indian companies coming to the UK and really doing well. And probably the greatest, most iconic, emblematic success story of the 21st century in the British economy has to be Jaguar Land Rover (JLR). It speaks not just to the extraordinary insight of its Indian parent (Tata) but also to the renaissance in British manufacturing and the creation of a truly global brand based on quality and innovation. “It is all that and entrepreneurial dynamism that really sets the UK apart from other destinations; the dynamism that recognises that wealth has to be created. That is why this government is doing all we can to attract entrepreneurs as we believe supporting them and high growth rate go hand in hand. “We are seeing increased levels of foreign direct investment (FDI). It is no coincidence that more FDI comes into the UK than the rest of the EU put together. We are the exciting engine of growth in Europe. “I am really excited by the prospects of the UK-India relationship. We both have got elections, India now and the UK 2015. But outside politics, beyond politics there is real strength in our business-to-business relationship. And while we have challenges to negotiate, we have no doubt that focus on the long-term and the fundamental opportunities of this relationship will go from strength to strength.” The minister launched India Inc's latest edition of the India Investment Journal (IIJ), which focuses on wealth management related topics. Glimpse from Global Wealth Management Conclave 2014 (GWMC′14)