Call On UK Companies To Explore Indian Market Before Others Move In

Rt Hon Patricia HewittSpeaking about the opportunities in India and a forthcoming business delegation Patricia Hewitt, Chair of the UKIBC said:

"Despite slow growth in the British economy as a whole, many British businesses are still growing fast - by selling to India and other high-growth economies outside Europe. I am delighted to be leading a UKIBC business delegation in January 2013 that will focus on India's highest-growth State, Gujarat, as well as the opportunities in Pune and Mumbai.

"Because UKIBC is a country partner for Gujarat's major trade and investment fair, Vibrant Gujarat, we will be able to offer businesses on our delegation pre-arranged 1 to 1 meetings and exclusive networking with potential business partners and senior policy makers”

"The delegation will be across sectors, but will have a particular focus on the skills & education and engineering & manufacturing sectors where we know there are exciting business opportunities that will be of particular interest to UK firms."

As India has the ninth largest economy in the world by GDP and the third by purchasing power parity, UK firms are increasingly looking there for expansion and investment opportunities.

While it has not been immune from the global slowdown, its GDP is still growing at a rate most western countries can only dream of. For example, India’s globally renowned IT industry is now worth £30bn and India’s Media & Entertainment industry is also growing rapidly. In 2010 it was worth an impressive £9.25 billion, but by 2014 KPMG projects that it will have grown to a staggering £15 billion, an increase of over 50 percent in just four years.

Other sectors are also showing huge growth including food processing which is predicted to be worth a staggering £159bn by 2015. Similarly, the Infrastructure sector will also see huge growth, with government spending expected to be a staggering £600 billion over the next 5 years and the Skills and Education and skills sector will grow massively with the Indian government having set the ambitious target of training 500 million people by 2022. If India is to achieve this, it will need the education expertise of countries like the UK and there are huge opportunities for UK skills providers to help reach this target.

With the benefit of a fast-growing working population, it is estimated the average Indian income will also grow by 27 times in the next four decades, whereas Chinese per capita income will grow by 15 times over the same period and Europe’s is expected to barely double. For firms here grappling with tough conditions and a mature media and technology market in the Eurozone, India represents an ever expanding consumer market which, one way or another, will impact on UK businesses.

The UKIBC’s delegation is the first trade mission to Gujarat since the UK government normalised relations with the State of Gujarat .The delegation will help UK companies understand and connect with opportunities in the Indian market and is ideal for British businesses interested in exporting to, sourcing from, or setting up in India.

The delegation will visit the cities of Ahmedabad, Mumbai and Pune. Ahmedabad – the commercial heart of Gujarat, boasts a growth rate of 9.1% for 2012 and Pune is one of India’s fastest growing cities, with a population of 5million. It is already recognised for it's excellence in engineering, education, and the creative industries.

Delegates will have the opportunity to meet potential customers and partners, and via pre-arranged 1-2-1 meetings and valuable networking events. The delegation will also involve site visits, networking, and interactions with the British Business Group and a local trade association.