President's Column: Why strong India trade ties provide great opportunities
I was privileged to be asked to chair the West Midlands India Partnership (WMIP) last year, which aims to enhance UK-India relationships and boost trade and investment, connectivity and partnership between the two countries.
The WMIP held its Strategy Launch last Thursday (23 September).
We looked carefully at devising a strategy that will make such a big undertaking work to ensure that all elements of business in the West Midlands have an opportunity to continue and develop trade with India.
And we recognised that it is important for everyone in our region to recognise that India will provide the biggest television audience when the Commonwealth Games start in Birmingham next year.
Our executive board is extremely strong with many of our region 's leading business and academic personalities contributing their expertise.
Their knowledge will be invaluable as the WMIP builds on India 's strong track record of foreign direct investment (FDI) in the West Midlands, acting as a single point-of-contact for potential new investors.
The region 's strong business offer has already attracted some of India 's biggest companies, including Tata Motors, State Bank of India, Infosys, OLA, Enzen Global, Suprajit Group, Elder Pharmaceuticals and more recently, Microland.
The partnership will develop stronger ties with India beyond the transactional relationship and will aim to work on areas of mutual benefit through civic partnerships, cultural collaborations and working on the living bridge of over 200,000 people of Indian origin.
WMIP aims to expand on this strong base through targeted marketing and communications campaigns to encourage new Indian visitors and businesses to the West Midlands which is a part of its robust tourism strategy.
And the partnership recognises that the new £1 billion UK-India trade and investment deal presents a fantastic opportunity for businesses to get UK intellectual property out into more markets.
The deal will include more than £533 million of new Indian investment in the UK, in vital sectors such as health and technology. The Government has said that the package is expected to create 6,500 new UK jobs.
I really welcome the news that the UK is massively bolstering its trade ties with India, via this new £1billion trade and investment deal.
This announcement shows just how important it is to trade with Commonwealth partners, especially with India as it is one of the fastest growing economies in the world.
Trade and investment opportunities, such as this one with India, presents a fantastic opportunity to get our intellectual property, our inventions, our technology into more markets.
Investments in the health and low carbon sectors, confirmed in the Government 's announcement, would be of particular value to businesses in the West Midlands, where these industries thrive.
India and the UK already have incredibly strong trade ties, and this £1bn trade and investment package will help bolster both economies and expose UK-made products and intellectual property around the world.
Despite this trade announcement, India is indeed facing an enormous challenge fighting Covid.
The current Covid challenges in India are distressing for the world at large and especially for those with connections and families in the country. It is essential for us all to be globally united in the fight against Covid, we all know individuals who have been affected by this ghastly virus and our support of communities in India will be invaluable to help them improve the current situation the country is in.
The UK is doing its part to help India overcome these challenges, supplying critical medical supplies and aid. In recent days we have seen momentous efforts being made by UK communities, charities and government to assist India in its fight against Covid.