INDIA NEWS
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INDIA NEWS |
HIGH COMMISSION OF INDIA, LONDON
PRESS RELEASE JANUARY 30, 2001
SEMINAR ON NEW INVESTMENT OPPORTUNITIES IN INDIA
The
High Commission of India organised a Seminar “New Investment Opportunities in
India” on 29 January 2001 in London. The Seminar highlighted some of the new
investment opportunities in India, including the special economic zones
announced in the EXIM policy in April 2000; the UTI’s IT fund; and the opening
up of the insurance sector. Over 120 representatives from UK
businesses/financial institutions, UK government and the Non-Resident Indian
community attended the Seminar. A one-minute silence was observed at the
beginning of the Seminar to commemorate the victims of the recent earthquake in
Gujarat.
Deputy
High Commissioner for India Mr. H.S.Puri chaired the Seminar. In his opening
address, he underlined the Indian economy’s inherent solidity and the
Government of India’s continued commitment to reforms. The high, growing rate
of actual FDI inflow as a percentage of approvals was indicative of improved
implementation of projects. India-UK trade is currently growing at a rate of
over 34%, well on course to meet our joint target of £4 billion turnover in the
year 2000, and is expected to touch £5 billion in the year 2001.
Mr.
P.S. Subramanyam, Chairman of the Unit Trust of India outlined the
liberalisation in India’s capital markets and in the instruments available to
foreign investors. Mr. Y.B. Desai, Managing Director of the EXIM Bank of India
outlined the policy environment and advantages of Special Economic Zones (SEZs)
in India. Units may be set up in SEZ for any manufacturing, trading or service
activity. All import and export operations of SEZ units is on the basis of
self-certification and they are governed by simplified customs and excise
procedures. There is no ceiling on domestic sales, nor any export performance
requirement, except that the SEZ unit should only be a net foreign exchange
earner.
Mr. Jeremy Seddon, Chief Executive of British Invisibles, a group of UK based financial services companies, outlined his experience in doing business in India. He highlighted the vast pool of talented manpower available in India and the corruption-free environment that India offered. Mr. Gerard Rees, International CEO of Gujarat Port Positra Infrastructure Limited, the private sector company charged with constructing India’s first SEZ at Positra in Gujarat, outlined the world-class infrastructure that the Positra SEZ would have and the incentives available to units located there. Mr. John Statham, Director, Strategy of Royal and Sunalliance (RSA) insurance firm made a presentation on RSA’s successful entry in the Indian insurance market, emphasising that Government of India had delivered on its stated promise of liberalising the insurance sector.
Interactive discussions during the Seminar covered India’s FDI record vis-à-vis other Asian economies. In this context, Deputy High Commissioner drew attention to India’s vibrant democracy and independent judiciary, and stressed that India was by far the more secure and surer place to invest. In response to a query, the UTI Chairman hoped that reforms in the pension sector would be soon be completed.
Press
Release No. 12/2001