Indian biz group to tour Britain to boost trade

Tuesday, 29 June 2004, 07:00 Hrs
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NEW DELHI: A high-level Indian business delegation embarks on a three-day visit to Britain Tuesday to forge stronger trade ties between the two countries, an industry lobby group said Monday.

Sunil Kant Munjal, president of the Confederation of Indian Industry (CII), will lead the 14-member delegation of CEOs.

N.R. Narayana Murthy, chairman of Infosys Technologies and co-chairman of Indo-British Partnership will be the co-leader of the mission.

According to CII, the visit will seek to drive home the message that despite a change of government in India, the country still remains one of the most favoured destinations for doing business.

"The CII mission will impress upon the British industry that the Indian government is committed to the reform process," said the statement.

The trade of goods and services between India and Britain has grown by 69 percent in the past 10 years.

"The objective of the delegation will be to explore new areas of cooperation, enhance and strengthen trade and investment relations as well as promote joint Indo-Britain efforts to tap the hidden potential in the European Union market.

"India and the Britain both foresee tremendous economic benefits flowing from scientific and technological breakthroughs. The two countries are working actively to encourage links between scientists and research organisations," said CII.

The Indian team will focus on the emerging growth areas such as biotechnology and healthcare, entertainment and communications, and research and development.

British companies are also beginning to look towards India as a possible location for research and development activities.

The delegation will meet with British Secretary of State for Trade and Industry Patricia Hewitt and Secretary for the Foreign and Commonwealth Office Jack Straw.

The CII team will also hold discussions with other senior representatives of the British administration and business leaders in London to discuss the way forward for strengthening the bilateral trade and investment relations.

Other members of the delegation include ITC chairman Y.C. Deveshwar, Lazard India chairman Udayan Bose, Dabur India Ltd. vice chairman Anand Barman and Tata Consultancy Services executive vice president Phiroz Vandrevala.

Source: IANS
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