Lord Francis Maude said:
The UK and India have well established commercial ties and my visit aims to take this to a new level of strength and cooperation. Our Government is committed to an enhanced partnership with India. I will be meeting Indian Government and business leaders to discuss how we can support Indian PM Modi’s aspirations for India’s economy.
Lord Maude will announce a new venture in the Financial Technology (“Fintech”) sector at a lecture to IIT Bombay to students, faculty members, invited entrepreneurs and media. Fintech is a fast-growing area of business, providing IT solutions in the financial services industry.
The aim is to create a ‘FinTech bridge’ between UK and India. Led by Alok Vajpeyi and the UK’s Startupbootcamp, it will encourage close collaboration and investment in UK and Indian Fintech companies and help them expand globally. Whether their focus is financial inclusion or access to lending, Fintech companies are creating global solutions.
As a first step, Lord Maude announced that the first initiative of the collaboration will be the creation of ‘FinTech20 India’, in close partnership with FinTechCity of the UK. It will search for twenty FinTech innovators in India. Companies will be selected by a panel of experts from the UK and India and will be promoted in the FinTech50 2016 when it is released to a world-wide audience next year.
The announcement will be in a speech at IIT Bombay to over 200 students, faculty members and invited entrepreneurs. During his visit to IIT, Lord Maude will visit the National Centre for Aerospace Innovation and Research (NCAIR) who are collaborating with the UK’s University of Sheffield and using tailored IT platforms created by the UK’s Delcam.
Earlier in the day, Lord Maude‘s programme include an MoU signing between Healthcare UK and the Government of Maharashtra. Healthcare UK is the UK Government body which helps UK healthcare providers to work overseas and supports the creation of international partnerships. The MoU paves the way for collaboration on a range of healthcare issues, including professional skills development, digital healthcare and motorbike ambulance services.
Lord Maude will meet key existing and potential investors in the UK, including Cyrus Mistry of Tata Sons, often cited as the UK’s largest manufacturing employer, and Indiabulls’ Sameer Gehlaut. He will also visit to Cipla’s laboratory facility in Vikhroli.
After Mumbai, Lord Maude will be giving a keynote address at the India-UK Business Convention in New Delhi extending his support for UK-India business collaborations and innovation. He will be joined there by British Secretary of State for Business, Innovation and Skills, Sajid Javid. Both will meet senior Government of India Ministers. Their visits come in advance of Prime Minister Narendra Modi’s visit to the UK in November.
Lord Maude’s photo and profile
PM Modi has described India’s engagement with the UK as an ‘unbeatable combination’ in forging successful partnerships that can bring immense benefits to both countries. We are excited about India’s development, its dynamism, its potential and its renewed growth trajectory.
The UK is the best place in the world to do research, innovate and grow. In India, UK partners offer the most innovative products to boost profit, increase customer satisfaction and grow your business.
Last year the UK invested $3.2bn in India, this more than any other G20 country and more than Japan ($1.7bn) and the US (just under $1bn), who are ranked 2 and 3 respectively, combined. Aggregating all investment over the last 14 years, the UK still ranks No.1 in the G20 and accounts for 10% of all investment into India over this period.
In 2014-15 India emerged as Britain’s third biggest job creator, creating 7,730 new jobs. 2014-15 saw a 65% growth in FDI from India. India helped create 9,350 jobs in UK in 2014 second only to the US and Germany.
India needs investment. The UK is a world leader in financial services. Many UK firms in this sector are well established in India, including Standard Chartered and HSBC.
The UK has its largest diplomatic mission in India with DHCs spread across the country including Mumbai, Chennai, Hyderabad, Bengaluru, Kolkata, Chandigarh and Ahmedabad, in addition to the High Commission in New Delhi.
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Stuart Adam, Head,
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