Bilateral relationship between the UK and India has the potential to become a stronger partnership, particularly in trade and investment, UK’s Secretary of State for International Trade Liam Fox said in Mumbai, Tuesday.
“A more open economy means a greater two-way flow of investment, both fuelling an increased capacity in the industrial base and opening the way to greater export potential. Do you think that the UK would be one of the top three car exporters in Europe without Indian investment?..Of course not,” Fox said while addressing a gathering of business leaders. The great joy about an open trading relationship is as it can be genuinely win-win, he added.
“It’s fundamental that we do all we can to strengthen these ties and create a future built on increased trading and economic prosperity for all our citizens,” he added. He said both India and UK are embarking on exciting journeys, as the UK is forging a new path outside the EU and India’s pro-business government is starting to herald a new economic dawn. In his keynote address to Mumbai’s business community at the Piramal Tower, Fox underscored the UK’s place in the global economy post EU referendum and assured the country’s support to Indian businesses.
Fox met with influential Indian business leaders, including Kotak Bank Vice-Chairman Uday Kotak and Piramal Group Chairman Ajay Piramal, to emphasise that the UK is open for business and will continue to thrive on the world stage. During his visit to Mumbai, the Secretary of State also attended the soft launch of the India-UK TECH Summit Fintech Hackathon at the Barclays Rise accelerator.
The UK is the country partner for the TECH Summit, which will showcase British expertise in innovation, technology and skills. This is the fourth visit by a British minister to India since Theresa May took over as Prime Minister. Earlier this month, British Secretary of State for Business and Energy Greg Clark and Secretary of State for International Development Priti Patel visited India.