'Shared prosperity' aim in UK-India links

David Sapsted reports on plans for a closer partnership between the UK and India that aims to strengthen trade relations.

'Shared prosperity' aim in UK-India links
Prime Minister Theresa May has called on the UK and India to turn their “shared values into shared prosperity” in a speech in London aimed at strengthening trade links between the two countries.Speaking at an India Day business and investment summit at the Mansion House, the outgoing Prime Minister said the two nations were working increasingly closer together as “new partners”. She added, “While the months and years ahead will bring much change and many challenges, let us continue to build that relationship. Let us support one another, bringing together people, capital and ideas to benefit the UK and India alike.”At the conference, the UK and Indian governments announced plans to strengthen trade relations, with an emphasis on financial services and technology. The event, co-hosted by the City of London, focused on how UK and Indian financial markets could support India’s transition to a more services-led economy by improving access to its import markets and internationalising its currency.Peter Estlin, lord mayor of the City of London, said, “This flagship event looks at how we can work together to take our near-£20 billion bilateral relationship to the next level, with a focus on financial services. Closer partnership in areas such as fintech, green finance, insurance and infrastructure, which would benefit both sides. The two nations are working together for to access opportunities in many sectors, not only the finance and global trading on offer from the City of London.”

Closer collaboration between the UK and India

One initiative to be launched in India will aim to give start-ups the skills they need to grow their business and drive UK-India tech collaboration. The scheme represents part of the UK-India Tech Partnership announced by Mrs May and Prime Minister Narendra Modi last year. The scheme will enable tech start-ups in India to work with UK expertise to “improve their business skills, build links with the UK’s thriving digital sector and pave the way for future economic partnerships,” according to the UK government. “Not only will the programme help start-ups in India, but it will also play a vital part in making links for UK start-ups in emerging hotspots such as Delhi, Hyderabad, Mumbai and Bengaluru.”Digital Secretary Jeremy Wright added, “India is home to a rapidly growing tech sector and with thriving fintech, e-commerce and telecommunications industries. Through the newly expanded Go Global programme, we are giving Indian tech entrepreneurs focused on the development of tech for good the opportunity to hone their skills so they can compete on the global stage. This will also help to build connections for UK start-ups in new markets, highlight Britain as the place to develop new technology and pave the way for future economic partnerships.“The successful Indian start-ups will be expected to act as Go Global champions and share the skills they have learned with other firms across India. This will help spread digital skills, digital capability and increase entrepreneurial spirit, creating jobs and prosperity.”The launch of the scheme in India follows the Go Global Africa programme, which saw 18 tech start-ups from Kenya, Nigeria and South Africa visit London. “They exchanged ideas, learned how to scale and grow their business, and showcased their innovations across fintech, healthtech, agritech and waste to investors and leading figures from the UK’s tech sector,” said the government.
Further coverage of trade and collaboration developments will be explored in the Autumn issue of Relocate magazine published in September.Watch the video and read the coverage of the India unlocking opportunity inbound and outbound panel discussion at Relocate Global’s Festival of Global People held in May. Full coverage in the Summer issue of Relocate magazine.Relocate Global will host the first in a series of webinars on India in autumn 2019, exploring the opportunities, challenges and the implications for those managing global mobility. For more information and to find out how you can get involved contact Fiona Murchie, editorial@relocatemagazine.com
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