Thursday saw the introduction of the “Alive with Opportunity” campaign by UK Business and Trade Secretary Kemi Badenoch, which aims to quadruple trade with India by 2030 through an assortment of focused trade missions for UK businesses operating in high-growth industries. The government minister, who arrived in India on a three-day trip to participate in the G20 Trade and Investment Ministerial Meeting in Jaipur and hold private talks with Piyush Goyal, the minister of commerce and industry, in New Delhi, expressed her hope to advance the ongoing free trade agreement (FTA) discussions, which are currently in their twelfth round of conversations.
In addition, the new GBP 1.5 million “GREAT” promotional initiative aims to go beyond the strong international economic and trade relations to showcase shared cultural interests, including food and movies, as well as sports like cricket and football. On the eve of her trip, Badenoch expressed her excitement at returning to India to support the country’s G20 presidency, advance trade negotiations, and meet with influential business figures.
“The relationship between the UK and India is strong, and the two of us both want to further develop our links both culturally and commercially. I’m convinced that this new campaign will further increase interest in and demand for UK goods and services because India is the second-largest source of investment projects for the UK, the spokesperson said.
The UK’s Department for Business and Trade (DBT) stated that the minister of commerce will advocate for increased adoption of electronic commerce while at the G20 trade meeting because it would minimise administrative burdens and make it simpler for UK firms of every type to purchase products and sell globally. Her trip to India coincides with Round 12 of the FTA negotiations being held in New Delhi, and she will have a conversation with Vajpayee to “take stock” of the talks and decide how to move forward with an agreement that is projected to increase bilateral commerce, which has already been projected to reach GBP 36 billion in 2022, according to The UK government pointed out that the most recent round of negotiations involves “complex, sensitive, and commercially meaningful issues” such as goods and services and infrastructure.
Both parties have put forward ambitious requests, according to the UK government. The DBT reaffirmed that the goal continues to be to reach an agreement that benefits both parties and that it will only be formally completed when it is “fair, reciprocal, and ultimately beneficial to the interests of the British people and the UK economy”.
The Confederation of Indian Industry (CII), BP, HSBC, Vodafone, and we believe that Rolls Royce and other significant Indian corporations are among those Badenoch is expected to meet with in New Delhi on Friday. Following the company’s announcement last month of a new GBP 4 billion electric vehicle battery gigafactory in the UK, she will attend a bilateral meeting with Tata Group Chair Natarajan Chandrasekaran.
There is no denying that the commercial relationships between our two nations are thriving, according to Richard McCallum, CEO of the UK-India Business Council (UKIBC), who noted that the total amount of trade will increase 34% in current prices in the year to March 2023 and that India will continue to be the second-biggest generator of FDI (foreign direct investment) projects in the UK.
“UK companies are aware that India is one of the world’s fastest-growing economies and that there are numerous opportunities there, notably in the realms of R&D, talent, and manufacturing. To expand worldwide, Indian businesses are increasingly utilising UK technology and funding. I consider it encouraging to see the initial stages of this campaign, which highlights the symbiotic link between our two nations and the numerous trade and cultural opportunities they both present.
A revised series of contemporary, focused British business delegations to India is scheduled to be held throughout the course of the upcoming year as part of the updated DBT marketing effort, with higher education, agri-tech, and e-sports featuring as important categories.
The “Alive with Opportunity” campaign aims to strengthen the long-standing ties between the UK and India, increase investments and business activity, and highlight the close cultural ties that exist between the two countries. Taking advantage of significant events like India’s hosting of the Cricket World Cup beginning in October and the England-India test series beginning in January of next year, the DBT stated that the campaign will showcase business, trade, social, cultural, and sports linkages between the UK and India.
With the support of a number of targeted trade missions, promotional events, and marketing stimulation in both countries, advertisements for the UK will appear on billboards, in airports, and on social media platforms in India. The second-largest source of investment projects for the UK, in accordance with the most recent DBT data, is the nation of India.
More than 600 UK companies are successful in India, where more than 500,000 jobs are supported by more than 900 Indian companies operating there, and more than 600 UK companies are also successful there. The new campaign attempts to increase interest in and demand for UK goods and services while luring further inbound investment from India.
At the Agritech India show in Bengaluru this month, representatives from UK and Indian businesses will share their inventions and skills as part of the campaign. In September, the Global Fintech Festival will be conducted in Mumbai, and the International Railway Show will take place in October.
October will include an equipment exhibition in Delhi, while November will see a Createch mission to Hyderabad, Mumbai, and Bengaluru. The first UK-India Roadshow will take place in January 2024 and incorporate visits from Indian businesses to all corners of British Columbia.