CII UK India Business Forum Relaunched
- 21 Mar 2024
On 20th March, Indian and British business leaders gathered in UK to revive the CII UK India Business Forum.
Key Points
- Objective of Relaunched Platform: The reestablished platform aims to foster greater collaboration and deepen connections between India and the UK, extending beyond business partnerships.
- Opportunity for Deepening Connections: Both countries recognize significant potential for collaboration not only in investment but also in research and development, academic ties, and industrial cooperation.
- Bilateral Trade Statistics: Bilateral trade between India and the UK in goods and services amounted to £38.1 billion in the four quarters leading up to the end of Q3 2023.
- Focus on Capacity Building: Both nations can benefit from capacity building initiatives to prepare for evolving job landscapes and capitalize on future opportunities.
- Youth Engagement: There is a call for increased familiarity among young Britons with India, with suggestions for study abroad programs and internships facilitated by the IBF.
- Rebranding Business Relationship: Efforts are underway to bridge the knowledge gap and highlight the strategic significance of the India-UK business relationship.
- Exploring Joint Ventures: The IBF intends to explore collaborations in emerging sectors, cybersecurity, space exploration, clean energy, and conservation initiatives.
- FTA Progress: Trade negotiations for a Free Trade Agreement between India and the UK are progressing positively, with potential for signing before the UK elections.
- India's Other Trade Deals: India has also signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association, among other negotiations with EU and non-EU countries.
