ARM, TTP and Johnson Matthey in bid to boost trade with India
Three world-leading Cambridge companies are joining Business Secretary Vince Cable in a delegation of 50 British companies to India this week – a mission designed to leverage more two-way trade between the countries.
Superchip designer ARM Holdings, technology design company TTP and speciality chemicals company Johnson Matthey are leading lights in the party.The visit follows on a mission led by Prime Minister David Cameron in July. Dr Cable, who was part of that trade mission, will be the first UK Cabinet Minister to visit this year. He said: “Last year, we set out a broad framework for our enhanced partnership. In 2011, we are moving beyond that, rolling up our sleeves and working together. “India is very important to the UK, and the UK has the expertise to develop the capacities it needs to fuel its growth. Our business relationship is already strong, but it could be stronger.“India is focused on its drivers for growth and development such as infrastructure, education and skills. That’s why I am taking a trade mission with me and talking to British businesses in India that can help to meet that demand. “I am also passionate about encouraging more British firms of all sizes to look to India as a place of real business opportunity, and more small Indian companies to look to the UK as their European destination of choice.“This visit will significantly strengthen our enhanced partnership for the benefit of British and Indian companies, for the benefit of our economies, and for the benefit of both our peoples,” he said. UK Trade and Investment (UKTI) International Trade Director for the East of England, Vic Annells, added: “Without question India has enormous potential for businesses in the East of England. With one of the fastest growing economies in the world it is a market, which cannot be ignored by companies seeking to grow.“There is a wealth of opportunities on offer in this market, which has grown by approximately nine percent over the past year. UKTI, with experts in our region and at the British High Commission in India, could not be better positioned to help local businesses succeed.“The rapidly expanding economies in India and Asia as a whole are providing a demand for local companies to grow and look at new export opportunities. With this in mind UKTI in the East of England has launched a new campaign ‘East meets East,’ to encourage businesses in the region to consider this rapidly growing market.” To help businesses to explore a wealth of Asian opportunities UKTI will be holding its Asia Task Force event at Newmarket racecourse on February 10 where delegates will have the chance to meet trade experts from British Embassies and High Commissions from India and 11 other markets across Asia to discuss how you could win business in these key growth markets. Infrastructure will be a major theme of the visit. Dr Cable will meet Finance Minister Pranab Mukherjee at the first meeting of the British-India Infrastructure Group and also meet India’s Road Transport and Highways Minister Kamal Nath. The UK and India are looking at how to deepen collaboration on infrastructure, and how to exchange knowledge and expertise. The UK’s bilateral trade with India is currently worth around £11.5bn. Exports have continued to grow since the July visit with latest figures showing a rise of 35 per cent in UK exports to India in the year to October. There are now around 700 Indian companies with investments in the UK, and the UK receives more than 50 per cent of India’s investment into Europe. • PHOTOGRAPH SHOWS: Vince Cable