UK eyes India for investment
The visiting British Prime Minister David Cameron on Thursday asked India to further open up sectors like financial services and retail.
“Just as we in Britain are a very open economy, welcoming investment, you too are here in India. In banking, insurance and retail, there are further opportunities for openness that will benefit both the countries,” said the British Prime Minister.
Mr Cameron said that these type of decisions sometimes require taking on vested interests.
He said that Britain is starting conversation with India on civil nuclear power where the country has got expertise. UK’s business secretary Vince Cable said he doesn’t feel that immigration pact among the political parties at home will hamper investment from India.
India and UK also vowed to work together at international forums like G-20 and further increase business ties.
Union finance minister Pranab Mukherjee and the UK Chancellor of Exchequer Mr George Osborne had discussions on boosting the trade and investment and agreed to continue to work together in the G-20 and other international financial institutions for strong, sustainable and balanced growth. During the meeting it was decided that the next round of bilateral dialogue will be held in London in 2011.
“We welcome the recent reforms of the World Bank and are committed to play our part in delivering a comprehensive package of IMF quota and governance reforms at the G-20 Summit in Seoul, this November,” said a joint statement after the meeting.
Meanwhile, road transport minister Kamal Nath said India is in discussions with several UK-based construction and consulting companies who are keen on investing in its infrastructure projects. Mr Nath said India was keen on UK industry’s participation in infrastructure projects and, “we are looking at construction companies in Britain and also consultants for investments in the country.”
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