The Union Minister of Commerce & Industry is set to give his remarks at the India-UK Joint Economic Trade Committee (JETCO) meeting in London. The platform offers an overview of trending issues affecting the business landscapes of both nations. A comprehensive line-up of agendas will be discussed, with a focus on the evolving financial services relationship, capitalizing on India’s booming economy, innovation in financial services, stressed asset investing, green infrastructure financing opportunities, and investment in innovation.
Understanding JETCO’s Role
Designed as a platform for strengthening business ties, JETCO allows UK companies to build and expand partnerships with Indian decision-makers and businesses. Government to government negotiations are conducted through the JETCO process to address market liberalization and accessibility issues.
Integral to the committee’s operations is the UK India Business Council, whose role consists of incorporating insights from the UK business community into the JETCO process. This is geared towards encouraging outcomes that favor UK companies. A significant goal of the JETCO process involves uncovering prospects for London’s most eminent institutional investors to tap into the growing Indian market.
The UK-India Trading Landscape
The UK holds a notable position in the Indian business sphere, being the third-largest foreign direct investor in the country. Furthermore, it ranks as one of India’s main trading partners, with trade transactions reaching Euro 13.6 billion in 2018. Between 2002 and 2018, the trade rate between the two nations exhibited a steady growth, increasing at an average of 8.8% per annum.
| Statistic | Value |
|---|---|
| Total trade in 2018(Euro) | 13.6 billion |
| Average annual growth rate (2002-2018) | 8.8% |
| UK’s rank in FDI in India | 3rd largest |
Looking Towards the Future
In light of the upcoming JETCO meeting, the focus is on harnessing potential investment opportunities and exploring ways to enhance business collaboration. As the digital age takes center stage, the impact of financial technology innovations will be a vital aspect of discussions. The meeting also anticipates assessing opportunities associated with green infrastructure financing and private equity/venture capital investments. There is a shared expectation that the dialogue will foster a more robust UK-India financial services relationship while investing efficiently in stressed assets.
