'Economic ties underpin India-Britain strategic ties'

Wednesday, 23 January 2008, 02:53 IST
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New Delhi: The large presence of Indian diaspora in Britain and growing economic engagement strengthen the comprehensive strategic ties between India and Britain, said a joint statement issued by the two sides on Monday. "The bilateral economic linkages are strengthening through increased trade and investment flows," said the statement issued after delegation-level talks between Prime Minister Manmohan Singh and his British counterpart Gordon Brown. "The UK is the third largest cumulative investor in India. India has emerged as one of the largest investors in the UK, including several major acquisitions, reflecting the maturing nature of the bilateral economic partnership." Addressing a joint press conference later, Brown said Britain's bilateral trade with India had increased 100 percent in the past five years, with both nations emerging as important global trading for each other. Brown, who was on a two-day visit here with a large business delegation since Sunday, said around $10 billion worth of projects were in the pipeline between Indian and British companies and hoped they would conclude soon. The two sides acknowledged the potential for greater collaboration in areas like IT, life sciences, nano-technology, advanced manufacturing, infrastructure, energy, healthcare, agriculture and higher education. "India and the United Kingdom agreed to cooperate in developing collaboration between small and medium enterprises, entrepreneurs and venture capitalists," the statement said. The two sides also noted the role played by people of Indian origin in Britain. "Through their hard work, dynamism and entrepreneurial talents they have made an enormous contribution to the strengthening of bilateral ties."
Source: IANS
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