The prime minister of England, Theresa May, on Monday attended the India – UK technical summit and gave a speech on the future of the countries’ bilateral ties and the role innovation and technology will play in it. This is her first visit to a foreign country after she was elected as the PM of England. Theresa May on Monday said having deeper trade and investment ties with India is vital for her country before Great Britain officially exits the European Union. Theresa May said that England and India share a lot in common. They share each other’s food. They share each other’s clothing and they also to some extent, share each other’s culture (Like British pubs, discotheques and shopping outlets being opened in India and Indian yoga centers and restaurants being opened in England). Theresa May said that Britain is keen to become a passionate advocate of free trade in the world.
She said that free trade will create jobs in both the countries. Make people of both the countries richer. It will also promote greater investments and enhance productivity in both the countries. Theresa May also promised to lower trade barriers that exist in and between the two countries. She quoted that Britain is the largest investor in India and India has invested more in England than it has in the rest of EU combined. There are companies belonging to the countries that have their offices in the other country and provide jobs to the citizens of the other country. There are over eight hundred Indian businesses working in England and over a hundred British businesses working in India. This she said is a demonstration of the ‘special bond’ that the countries share between them. Jaguar Land Rover’s owner, Ratan Tata is the largest manufacturing employer in Britain and British businesses export an array of products right from engines to insurances to India. Theresa May said all this is happening despite the trade barriers present between the countries. She promised to lift all the trade barriers between the countries and offer several concessions to Indian business travellers such as faster clearances at the UK’s border under a scheme, Great Club, that smoothens the visa process for them. She said that this move would increase trade and investments between the countries multifold. Theresa May also said that innovation and exchange of ideas between the countries would be the core of ties between them. She said that Indo – UK ties have enormous potential to grow.
For instance, she said that a company called Canoe teaches coding to students at British universities and that it could have great scope in India. For another instance, she said that a company called Telensa in England is manufacturing smart street lighting and that it could play a vital role in building the future smart cities in India. Theresa May also said that it was important for both the countries to prioritize each other’s priorities. For example social and economic reforms are the priority in England now and schemes like: ‘Make in India’, ‘Digital India’ and ‘Stand up India Startup India’ have gained priority in India. She said that the two countries must throw their weight behind each other and push for each other’s reforms. Theresa May said that she would make business easier between the countries by strengthening intellectual property rights and their services sector. She promised fewer forms to fill and swift passage through their airports for Indian businessmen. Lastly, Theresa May added that Britain was open for business and encouraged further investments by Indian businessmen. She added that Indian investments in UK have diversified their economy. Read more on Investments
There can be no doubt that the India – UK technical summit in New Delhi on Monday, produced great results and good news for Indian startups and established companies alike. Indian economy could do with a little help in the form of Investments. Free trade between the countries will promote investments, which will develop startups and corporates alike and create jobs, thereby improving the quality of life of the citizens of both the countries. The companies in both the countries will have a great opportunity to invest in each other and grow. For example, she said that a company called Canoe teaches coding to students at British universities and that it could have great scope in India. For another instance, she said that a company called Telensa in England is manufacturing smart street lighting and that it could play a vital role in building the future smart cities in India. Relaxing visa norms for businessmen from both the countries will further enhance business and co – operation. Hopefully all that which was said at the summit will be implemented for the benefit of startups in both the countries. Read more on Startup News