Lord Dominic Johnson, the UK Minister of Investment, has expressed his optimism for India’s economic growth and believes that the UK can act as a capital funnel for India. Speaking at the opening of the new British Trade Office in Pune, Lord Johnson stated that India is on the verge of the most extraordinary decade of any country in history in economic terms. He also noted that there is a huge opportunity for financial services in the UK to provide liquidity and capital for Indian businesses.
Lord Johnson’s visit to India is part of ongoing trade agreement negotiations between the UK and India. India remains a priority market for the UK, and Lord Johnson’s visit aims to build momentum for the negotiations, which kicked off Round 9 this week. The two countries are seeking to increase trade and investment ties and establish a free trade agreement.
During his visit, Lord Johnson met with various business leaders in Pune, including potential and existing UK investors such as Serum Institute of India, Bharat Forge, and Zensar. The British Trade Office in Pune has been in operation for several years and has delivered a high return on trade and investment wins in the manufacturing, future mobility, and technology spaces. The UK remains committed to strengthening its business ties with India, and the BTO in Pune serves as the point agency for all UK-India business interests.
Lord Johnson’s optimism for India’s economic growth is not unfounded. India has experienced significant economic growth in recent years, and experts predict that this trend will continue in the coming years. The country’s population is young and growing, and it has a large and increasingly affluent middle class. India is also home to a vibrant tech sector and has made significant strides in areas such as renewable energy.
Overall, Lord Johnson’s visit to India serves as a testament to the UK’s commitment to strengthening its business ties with India. The two countries have a unique “living bridge” of people, ideas, institutions, arts, and culture, and there is significant potential for increased trade and investment ties in the coming years.