UK plans to double trade with India by 2030 : British Dy High Commissioner

New Delhi, June 9 (FN Agency) British Deputy High Commissioner to Telangana and Andhra Pradesh Gareth Wynn Owen has said that his country has planned to double the trade with India by 2030 and target £70bn if Foreign Trade Agreement goes through. Gareth was participating in a panel discussion on three key drivers of the economy—‘Trade, Technology and Tourism’ along with Jennifer Larson, US Consul General, Hyderabad; Orhan Yalman Okan, Consul General of Turkey as the panelists. Federation of Telangana Chambers of Commerce and Industry (FTCCI) organized CEO Forum Meeting on “Trade, Technology and Tourism” here on Thursday evening. The British Deputy High Commissioner said the Indian Diaspora in the UK is the largest ethnic minority community in the country, including approximately 1.7 million British nationals of Indian origin and about 3,00,000 NRls living in the UK equating to almost 2 per cent of the UK population and contributing 6 percent of the country’s GDP.

At present, there are sixteen Indian-origin MPs in the UK Parliament, he said that he wants to work with the world’s largest innovation campus T-Hub and other incubators in Telangana. India is the UK’s 12th largest trading partner as of the end of 2022 accounting for 2.1 per cent of total UK trade. Total trade in goods and services (exports plus imports) between the UK and India was £35.9 billion in the four quarters to the end of Q4 2022, Gareth added. Jennifer Larson, while participating in the panel discussion moderated by Mr K. Bhaskar Reddy, the Convener of the FTCCI CEO Forum, said from 2000 to 2019, bilateral trade increased ten times to record $146 billion. The United States is India’s main export market, the second largest source of direct investment (over $13 billion in the 2020?2021 Indian financial year alone), and one of the main recipients of direct investments from India itself (their accumulated volume is $22 billion).

Telugus make up 40 per cent of Indian students studying in the United States of America, she said. Jennifer said they were foreseeing an increase in trade between India and the USA and aiming at 500 bn $ by the year 2023. Orhan Yalman Okan said the both nations voiced the new target as 20 billion USD. Turkey occupied the 46th position in FDI equity inflows into India with a cumulative FDI amount of US$ 216.11 million from April 2000 – September 2022. Turkish investments in India come up to US$ 223 million as per a report by the Indian Embassy, shared Consul General of Turkey. We are exploring collaboration with T-Hub, he said a Turkish delegation visited T-Hub recently. The Scientific and Technology Research Institute of Turkey (TUBITAK), a national agency of Turkey, is likely to set up an office in T-Hub, the diplomat informed. Besides filmy connections, both nations enjoy wedding connections. More than 30 Indian big fat destination weddings were held in Turkey. We hope to have a direct flight from Turkey to Hyderabad in future, he added. Earlier in welcomes address, , FTCCI President Mr Anil Agarwal, said “The key aims of the forum include networking among senior business people for mutual benefit, and networking with the political class for proactive involvement in policies.

Besides these, to act as mentors for young and new business persons for the State’s economic development”, Anil Agarwal said. “The CEO Forum meets over dinner at regular intervals, with a minimum of 4-5 meetings a year. Senior political leaders and bureaucrats are invited based on specific topics for the dinner meeting. The Membership to CEO Forum is only by invitation and restricted to the CEO & top brass of the organization”, he added. Trade is the lifeline of economies, and serves as a catalyst for growth and prosperity while Tourism serves as a powerful instrument for cultural diplomacy, promoting peace, tolerance, and respect among nations, he said. Telangana is at the forefront of technological advancements and is one of the top-performing states in the country with a more than 11 per cent average growth rate of GSDP. As an apex chamber, FTCCI is always available to all the consulates working in the state for the development of trade technology and tourism, he added. Films on tourism of respective countries were screened on the occasion. Justice Chelameswar, the former Judge of the Supreme Court, Mr. Dasari Balaiah, Regional Passport Officer, Mr Sunil Saraf, Chairman of Radha Smelters Pvt. Limited, Office bearers of FTCCI, representatives of several trade bodies and several past presidents of FTCCI, members have participated in the meet.