High Commission of India,
London
Indo-British Economic &
Commercial Relations
INDO-UK COMMERCIAL & ECONOMIC RELATIONS: OVERVIEW
Indo- British economic interaction has been growing satisfactorily. The industry led Indo-British Partnership (IBP) launched in 1993, has been instrumental in highlighting and disseminating mutually beneficial business opportunities and facilitating their translation into business ventures. The rapid increase in bilateral trade and investment underlines the IBP’s success. Regular participation in various trade fairs, frequent exchange of sectoral business delegations, organisation of various seminars and road shows, in India and the UK, have facilitated strengthening of mutual understanding and interaction.
UK is India’s second largest trade and third largest investment partner. With a cumulative investment of £3 billion and over 800 joint ventures, UK is the single largest investor in India. Two way trade has been over £3 billion and the target is to increase it to £5 billion. India is recipient of significant bilateral overseas development assistance from the UK. India has received consistent support from the UK in combating protectionist tendencies in the European Union. The Commonwealth Development Corporation with an investment of over £190 million in various portfolios, has contributed significantly to the promotion of industrial development in India. A large number of financial institutions in the City and the fund managers are active participants in the Indian capital market, and keenly interested in India’s economic reform programme. Bilateral agreements on "Avoidance of Double Taxation" and "Promotion and Protection of Investments" have contributed to promotion of trade and the investors’ confidence.