UK's Secretary of State for International Trade, Liam Fox was on a two day visit to New Delhi and Mumbai. Aimed at boosting UK-India bilateral commercial ties, and stress on the importance of India as a key strategic partner across trade, investment and defence, this was the Secretary of State's first visit to India in his current role.
Fox met with Finance Minister Arun Jaitley in New Delhi where they both discussed furthering economic cooperation. He also called upon Minister for Commerce Nirmala Sitharaman and spoke at length about forging deeper trade and investment arrangements between the two countries. Later, he announced his participation and the UK's commitment to the Joint Economic and Trade Committee to be held on November 7, alongside the 'India-UK TECH Summit'. The summit is set to demonstrate the depth of India-UK partnerships in business, innovation, research, education, and entrepreneurship.
Addressing a group of business leaders, Fox said, " A more open economy means a greater two-way flow of investment, both fuelling an increased capacity in the industrial base and opening the way to greater export potential. Do you think that the UK would be one of the top three car exporters in Europe without Indian investment?..Of course not." He added, "It’s fundamental that we do all we can to strengthen these ties and create a future built on increased trading and economic prosperity for all our citizens."
The India-UK TECH Summit (7-9 November) is a flagship event in the 2016 India-UK Calendar. Speaking to a group of Confederation of Indian Industries members, Fox said, "The UK-India partnership lies at the very heart of the strategic relationship between our two nations, a relationship that has never been more important than it is today. The India-UK Tech Summit in November will be a further celebration of this partnership, where sector experts ranging from smart cities, healthcare, agri-tech and others will come together to boost trade, R&D as well as academic ties between the UK and India."
CII CEO Naushad Forbes said, "Technical capability is the source of prosperity for business. The India-UK Tech Summit promises to be a platform which will unleash new possibilities and add new dimensions to our long relationship."
