International Trade Secretary in India to strengthen trade relations
The UK Secretary of State for International Trade, Liam Fox is visiting India from 6 to 10 November.
The Secretary of State for International Trade is visiting India to take forward the India-UK collaboration across trade, business, skills and entrepreneurship. He is participating at the India-UK TECH Summit (7-9 November), alongside the British Prime Minister Theresa May, who is leading a business delegation of 40 British companies on her first overseas visit to India. There are also 5 other organised business delegations in the smart cities, agri-tech, advanced engineering, healthcare and life sciences sectors, which together take the total number to around 100 of the best and most advanced British companies.
UK Secretary of State for International Trade, Dr Liam Fox said:
I am delighted to be back in India for the second time within three months. My visit shows the huge value I place upon the UK’s close relationship with India. Our mutual investments build a trusting commercial relationship that benefits millions of our citizens.
As Britain turns to face the world, our cherished relationship with India will become more important than ever before.
Dr Fox co-chaired the 11th edition of the UK- India Joint Economic and Trade Committee (JETCO), along with Nirmala Sitharaman, India Minister for Commerce and Industry in New Delhi, 7 November. The ministers affirmed the on-going commitment to strengthen and deepen the bilateral trade, investment and economic engagement between the 2 nations.The ministers and senior industry leaders also participated in the plenary session wherein the co-chairs of the existing two joint working groups (namely smart cities and technology advance manufacturing and engineering) presented an update on the progress made under respective joint working groups (JWG) since the last JETCO.
Dr Fox also participated in the CEO Forum- a business-to-business forum aimed at enhancing the UK-India commercial relationship. He made the opening address at the medi-cities roundtable at TECH Summit. He also joined the British Prime Minister at an Indian Investors Roundtable.
On Tuesday 8 November, he spoke alongside Indian Finance Minister, Arun Jaitley at the inaugural session of on the second day of TECH Summit. He will deliver opening remarks at the session on ‘The connected city: tech solutions for India’s smart cities, to demonstrate the UK’s leadership in smart cities’. He will close a ‘Hackathon’ at the TECH Summit, which will be held to promote technology as a solution to issues of financial inclusion in India. He will also launch 'FinScope Consumer India (PSIG) 2015' (PDF, 1.79MB, 94 pages) , a report showing growing financial inclusion survey in four Indian states.
Dr Fox will also visit Pune, where he will inaugurate ‘Future manufacturing and innovation workshop’ with the objective to promote UK co-operation opportunities in the advanced engineering sector. He will also meet with industry, business and important stakeholders based out of Pune. On Thursday 10 November, he will participate in a session titled ‘India and Europe after Brexit’, to understand the implications of UK’s exit from the EU on India.
India is the third largest investor in the UK and the UK invests more in India than any other G20 economy.
Dr Liam Fox’s CV
TECH Summit will demonstrate the depth of India-UK partnerships in business, innovation, research, education and entrepreneurship, with the biggest showcase of British expertise and commitment to strengthening relationships in every sphere. It will also host a major delegation from the UK, highlighting the UK’s capabilities across important sectors like smart cities, healthcare, advanced manufacturing, agri-tech, education and skills. The Summit will host a major exhibition of UK-India technological collaboration and, excitingly, a Hackathon organised by Barclays Rise, where young Indian students, entrepreneurs and tech-professionals will participate in a competition to find a solution to a specially-posed technical problem. More details later.
UK – India Joint Economic and Trade Committee provides a forum to UK companies to enhance their links and develop new partnerships with India business and decision makers. It provides an environment for lively dialogue for all participants with sessions focusing on opportunities in India in a number of sectors where the two countries can enhance their partnership including education and skills, advanced engineering and smart cities (including technology and infrastructure).
FinScope Consumer India 2015 is the first financial inclusion survey of the 4 states - UP, MP, Bihar and Odisha. This survey was commissioned under the Poorest States Inclusive Growth Programme (PSIG) of UK’s Department for International Development implemented by Small Industries Development Bank of India (SIDBI). PSIG is a 7 year £30 million technical assistance programme for improving access to financial services in 4 poorest states in India viz UP, MP, Bihar and Odisha. The survey was commissioned to provide insights about extent of financial inclusion in the PSIG states which have traditionally lagged behind other states in India.
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