Earlier this year I shared my personal experiences of the significant and substantive opportunities open to UK businesses in exporting to India and why every business with growth ambitions should consider doing so. This topic has become even more important given the various Brexit considerations.
India is the second largest country in the world by population, the world’s largest democracy and the largest English speaking nation in the world. Recording an annual average growth rate of 7.5% from 2004 to 2013, India’s economy is now growing faster than China’s. The country’s economy is set to exceed the size of the UK economy in the next few years and is forecast to be the 7th largest economy in the world by 2019.
India’s new government is committed to pursue economic growth and initiatives including “Make in India”, “Digital India,” “Skill India” and “Smart Cities” have created a positive business environment with a number of business growth opportunities.
Over the past 12 months, the Federation of Asian Business (FAB) has developed meaningful and practical relationships with organisations in India and particularly with the state of Karnataka. FAB have organised a trade visit supported by the North East LEP, Northern Powerhouse and Department for International Trade (DIT) for the end of November. Offering a unique opportunity, the visit will enable organisations and businesses to explore first-hand the incredible prospects of expanding into India that everyone should consider as part of their business growth plans.
Meeting with Ministers, educational institutes, trade bodies and businesses the visit will showcase the state of Karnataka with the ambition of developing bi-lateral trade and civic relationships with the North East of England. Earlier this year I had met with Ministers and various officials in Bangalore, the capital of Karnataka, where the people reminded me of the North East –friendly, hospitable and passionate. I was astounded at the level of development, technology and infrastructure that existed, with Industrial Strategies having been developed back in 2003, which has led to a significant economic boom.
Everyone that I met was keen to develop action orientated relationships that have subsequently flourished and translated into real trade activities.
Given that English language is widely spoken, the legal system is the same as ours and the significant ease of doing business, alongside the support from FAB in ensuring that the trade visit provides tangible results, now is the time to explore incredible India and help your business grow.
There is a FAB India Awareness Session organised at the SME Centre of Excellence, Newcastle Business Clinic on November 3. To register your interest, email [email protected].