City of London keen on partnering projects in Andhra

Monday, 15 September 2003, 19:30 IST
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HYDERABAD: The Lord Mayor of the City of London, Alderman Gavyn Arthur, Friday said the city would like to partner important infrastructure projects in Andhra Pradesh. Winding up his two-day visit to this southern city, Arthur told a news conference here that the City of London, the hub of Britain's financial services and investors, was keen to be involved in various sectors, including insurance, brokerage and infrastructure. He clarified there was no overwhelming opinion or opposition in Britain to the outsourcing of jobs to India. "Our view is that if it is necessary for companies to perform profitably and efficiently, they should seek the outsourcing of the jobs," he said. Arthur, who is the ambassador of Britain's financial and legal services, met Andhra Pradesh Chief Minister N. Chandrababu Naidu, Governor Surjit Singh Barnala and Insurance Regulator and Development Authority (IRDA) chairman C.S. Rao. He said he had conveyed to the state's leaders the message of confidence and interest from the City of London and its desire to do business with Andhra Pradesh. "What I was able to bring here was the voice of confidence from the international finance community of London," he said. During his meeting with Naidu, Arthur expressed the City of London's desire to partner the state in important infrastructure projects currently in the pipeline. These include the construction of an airport, roads and even a proposed Formula 1 car-racing track. John Cooke of the Association of British Insurers accompanied Arthur during his talks with IRDA chairman Rao. Arthur said British companies were increasingly interested in India's insurance sector. He raised issues like the further liberalisation of the insurance sector, brokerage and 26 percent ceiling on foreign investments in the insurance sector.
Source: IANS
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