Tribune News Service
New Delhi, October 30
The UK and Canada are utilising the virtual format to look for opportunities in India as it seeks to revive its economy after two quarters of poor growth.
UK Minister for Investment Lord Gerry Grimstone has released the UK-India Business Council’s ‘Doing Business in India Report 2020’ at a roundtable with the Indian industry captains during virtual interactions.
Although a Free Trade Agreement (FTA) is the eventual goal, the immediate priority is to remove market access barriers and make it easier for companies to operate in and enter the Indian market.
The report is the UKIBC’s sixth of an annual series dating back to 2015. This time it surveyed 106 UK organisations operating in India spanning manufacturing, services and higher education sectors. 66 per cent said that it is getting easier to do business in India. Over three quarters were positive about Atmanirbhar Bharat, which they feel could bring new chances of co-development and co-creation among UK and Indian firms.
This report comes at a time where the UK and India have committed to an Enhanced Trade Partnership, as agreed by UK Secretary of State for International Trade Liz Truss and Indian Minister of Commerce and Industry Piyush Goyal in July.
Meanwhile, following Prime Minister Narendra Modi’s virtual address to an Indo-Canadian business body, the Canadian consulate in Bengaluru is partnering with National Association of Software and Services Companies (NASSCOM) to host “CanadaWeek2020” from November 2 to 6.
A “virtual trade mission to Canada” will interact with Canada’s Deputy Minister of International Trade John Hannaford and Commerce Secretary Anup Wadhawan. Nadir Patel, the High Commissioner for Canada to India and Ajay Bisaria, his counterpart in Canada, and Nasscom President Debjani Ghosh, will also speak at the launch.
Patel felt the event will help the Indian technology companies learn more about investing in Canada as well as understand Canada’s technology and innovation ecosystems and immigration options.