Though globalisation is no longer viewed as a panacea, trading with overseas markets has proven lucrative for many UK companies. Although barriers may first need to be overcome, growing overseas economies are often eager for UK goods and services, and perseverance can pay off in the long term.
India is a good example of a rapidly growing economy with huge potential for UK businesses. As it currently stands, the India and the UK are the world’s 5th and 6th largest economies respectively though India is aiming to have a trillion-dollar online economy by 2025. With 1.4 billion people, and still growing, India is expected to overtake China as the world’s most populous country imminently. According to the DIT, India’s middle class is expected to double from 30 million people in 2019 to 60 million people in 2030, before reaching nearly 250 million in 2050.
India is also the world’s largest democracy and unsurprisingly the UK and India share a common set of values. Strong cultural links between the two countries are reinforced by 1.5 million British nationals of Indian origin. Following on from Brexit, the UK government is looking to build on existing ties and significantly increase international trade between the two partners through negotiation of a Free Trade Agreement.
Why is all this important? Because Innovate UK supports British businesses to engage with dynamic markets around the world and the forthcoming India brokerage scheduled for April 2023 is a fantastic chance to explore opportunities in the Indian Power Electronics, Machines and Drives (PEMD) sector. This funded brokerage visit will take in several cities and is designed to provide a better understanding of the challenges and opportunities of doing business in India.
Each Innovate UK Global Business Innovation Programme (GBIP) brokerage provides delegates with the opportunity to find potential innovation collaborators and partners and to develop a local network. Hexsor Scientific are a good example of a northern business previously taking advantage of the opportunities presented by an India GBIP, as CEO Jeyan Sreekumar acknowledges:
“We were delighted with the support we received for the creation of strong international partnerships from the Global Business Innovation Programme (GBIP). This trip will not only enable Hexsor to bring its products to market faster, but it will also support Hexsor in gaining a leadership position.”
Innovate UK welcomes applications for the India PEMD brokerage visit and the deadline for applications is 12.02.2023. To see details of forthcoming brokerages and to complete the online application form, please visit www.innovateukedge.ukri.org/gb
Innovate UK EDGE is here to support growing, innovative, ambitious, and scalable businesses. If your business is interested in exploring what support is available, or you have questions about this or any other brokerage, please get in touch and let us help you – https://www.innovateukedge.ukr
Recent Comments