Indian MSMEs get access to $100 million of financing from HSBC India and UKEF
By siliconindia | Friday, November 24, 2023
HSBC India has collaborated with UK Export Finance (UKEF) to introduce a £100 million financing scheme that aims to improve the integration of Indian Micro, Small, and Medium-sized Enterprises (MSMEs) into the global market. This initiative is expected to strengthen the economic ties between India and the United Kingdom and promote innovation and growth in India's commercial sector.
The collaboration between HSBC India and UKEF will focus on improving the credit facilities available to Indian MSMEs, thereby facilitating their access to international markets. Hitendra Dave of HSBC anticipates that this joint venture will significantly boost bilateral trade between the two nations. On the other hand, Tim Reid from UKEF highlighted the benefits for Indian businesses in acquiring high-quality goods from the UK.
Harjinder Kang highlighted the crucial contribution of Micro, Small and Medium Enterprises (MSMEs) in achieving the ambitious target of doubling the trade volume between India and the UK by 2030. He also emphasized the need to attract substantial British investment in India by the middle of the decade. Currently, India stands as the 12th largest trading partner of the UK, with British SMEs boasting strong export flows to the Indian market.
This financial scheme is a strategic move aimed at intensifying economic linkages between India and the UK. It focuses on key drivers of growth and innovation that are central to India's commercial landscape. This initiative is expected to create new opportunities for trade and investment, fostering a more dynamic business environment for MSMEs in both countries.
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