6 December 2007
UK India Business Council
- City of London joins UKIBC as first institutional member
- Strengthens partnership in high-growth financial services
sector
- City of London will be promoted in India
UK India Business Council, (“UKIBC”) the lead organisation
supporting the promotion of bilateral trade, business and
investment opportunities between the two countries, today announced
that the City has increased its direct links into India’s growth
financial services sector thanks to a partnership between the UKIBC
and the City of London.
The City of London’s institutional membership is another step
towards creating an extensive network of influential corporate and
individual members. UKIBC will provide the resource, knowledge and
infrastructure support vital for UK companies to make the most of
emerging opportunities in India’s financial services sector and for
Indian companies to invest in the UK.
Sharon Bamford, Chief Executive of UKIBC, commented:
“We believe UKIBC’s interests are closely aligned with the City
of London’s objective to work closely with India to capitalise on
our extensive knowledge and experience of building a global
financial centre through genuine partnership and sharing of
knowledge. With the opening of an office in Mumbai and partnership
with UKIBC, the City of London rightly recognises the tremendous
scope for both financial services and all other service sector
institutions to develop business and investment interests in India.
Leading companies from the UK are already active in India’s
financial markets and we hope this new partnership with City of
London will further promote the opportunities which exist.”
The City of London is at the heart of the world’s financial
markets. It is a unique concentration of international expertise
and capital, with a supportive legal and regulatory system,
infrastructure and an unrivalled concentration of professional
services.
Lord Mayor of the City of London, Alderman David Lewis said it
was fitting that the City of London be the first institutional
member of UKIBC.
“Financial services are one of the UK’s key strengths and we
regard India as a priority market for our international work. The
City’s links with UKIBC are strong, together we promote greater
trade and investment between the two nations, and through
high-level policy visits seek to increase market access and share
financial services expertise,” Lord Mayor Lewis said.
Lord Bilimoria, Chairman of UKIBC, said:
“The UKIBC has worked increasingly closely with the City of
London and the Lord Mayor and I am delighted that the City of
London is the first of what I’m sure will be many institutional
members joining the UKIBC.
I look forward to building our relationship in order to enable
the City of London to strengthen its place as the world’s leading
financial centre.”
A ceremony is being held tomorrow at the City of London, Mansion
House, to formally recognise the membership.
Ends
Notes for editors
UK India Business Council
The UK India Business Council (“UKIBC”), formerly Indo British
Partnership Network, is the lead organisation supporting the
promotion of bilateral trade, business and investment opportunities
between the two countries.
UKIBC will play an influential role in creating and sustaining
an environment in which free-trade and investment flourishes. A key
objective in this regard will be the highlighting, and dismantling,
of bureaucratic and regulatory barriers to entry.
Through the facilitation of partnerships, and with the support
of an extensive network of influential corporate and individual
members, the UKIBC will provide the resource, knowledge and
infrastructure support vital for UK companies to make the most of
emerging opportunities in India and for Indian companies to invest
in the UK.
The UKIBC, which is chaired by Lord Bilimoria and whose Chief
Executive is Sharon Bamford, operates under the Indo British
Partnership, created in 1993 by the then British and Indian prime
ministers.
The UK is currently the third largest foreign direct investor in
India in terms of value of investment, and is also India’s fourth
largest trading partner.
For more information on UK India Business Council please visit
www.ukibc.com
City of London
The City of London has long recognised the critical importance
of India to the UK-based financial services industry, and has
established a City Office in Mumbai, to promote all UK-based
financial and related business services. The City Office works to
further strengthen trading and investment links in both directions
between India and the UK through the provision of world class
financial services and products. Its work is steered by the City of
London Advisory Council for India, comprising senior Indian
corporates.
Contacts
For more information about UKIBC please contact:
Helen Carnall: College Hill, +44 (0) 207 457 2020,
helen.carnall@collegehill.com
For more information about City of London please contact:
Cubby Fox: City of London, + 44 (0) 207 332 3451