Top UK, Indian CEOs drive forward plans to strengthen trade and investment

This initiative was agreed by UK Prime Minister David Cameron and Indian Prime Minister Manmohan Singh last July, when Prime Minister Cameron led the largest-ever British Government delegation to India. Today’s inaugural meeting illustrates the continuing momentum in the growing UK-India trade and investment relationship.

Prime Minister David Cameron, speaking at the CEO Forum, said: "I’ve always believed that the India-Britain relationship is strong but could be much, much stronger…Britain is one of the most open economies in the world, one of the easiest places to come and invest, to come and do business, to come and own a business, to come and raise capital, and we want to make it even more open, even more welcoming."

He added: "This is for me to listen to what the CEOs are saying about what needs to change in Britain to make us more attractive and what needs to change in India to increase the flows of investment both ways."

The Forum launch was followed by a working lunch and further discussions at Lancaster House. Secretary of State Vince Cable and Trade and Investment Minister Lord Green are also participating, alongside India’s Commerce Minister Anand Sharma.

Business Secretary Dr Cable, who visited India for trade talks last month, said:
“I warmly welcome this commitment from British and Indian business leaders in contributing to the India-UK CEO Forum. With the personal and private sector expertise across key sectors, this initiative will help firms of all sizes across both our economies to tap into the huge opportunities in both the UK and India.”

Group Chief Executive of Standard Chartered, Peter Sands, said: India and the UK enjoy strong cultural, business and economic ties. They also share many complementary strengths and similar challenges for the future. Both India and the UK will benefit from greater trade and investment, and broadening and deepening their collaboration. The India-UK CEO Forum has an important role in making this happen. Given the strength of the CEOs involved and the strong support of both governments, I am excited about what the Forum can achieve.”

Tata Sons Chairman Ratan Tata said: "The UK has a special place in the hearts and minds of Indians and Indian industry. However, I feel our trade and investment relationship has significant unrealized potential, given the synergies possible between the two countries – such as what we could achieve by leveraging the technology and manufacturing capabilities in the UK, to serve the global market. I would hope the UK-India CEO Forum is able to help build trade and investment between the two countries to a level approaching its potential, and we intend to look at a range of sectors and ideas on how this could be facilitated by government and industry, from both countries, working together."

UK-India fact file:

Bilateral trade in 2009 was over £11 billion. Last year, exports to India from the UK increased by 38% compared to the previous year, with 17% of India’s exports to the EU going to the UK.

There are around 700 Indian companies with investments in the UK, and the UK receives more than 50% of India’s investment into Europe.

Companies such as the Tata Group, JCB, BAE, Standard Chartered and Wipro already operate in both the UK and India – and are taking part in this initiative.

India UK CEO Forum

Members include CEOs of the following:

UK companies:

Standard Chartered (Co-chair), 3i, BAE Systems, Balfour Beatty, JCB, KPMG, Penguin (Pearson), Rolls Royce Plc, Vodafone Group Plc, Wellcome Trust.

Indian companies:

Tata Sons (Co-chair), Aditya Birla Group, Bharti Enterprises, Godrej Group, Hindustan Unilever Limited, ICICI Bank, ITC Limited, Mahindra & Mahindra, Punj Lloyd Group, WIPRO Limited.