INDIA AND THE NORTHERN POWERHOUSE
We returned this month from our second trip of the year to India, as part of the Federation of Asian Business trade mission. Since our successful visit earlier this year, we had been further developing trade and civic links with the state of Karnataka, Punjab and Delhi and are proud to be representing the Northern Powerhouse to further enhance these opportunities.
We are now establishing a number of partnerships and working with a range of organisations across the North of England to take forward these substantive opportunities. You can read all about the visit here and here.
Simon Collingwood from Quatro PR published an excellent opinion piece which can be accessed here.
BUSINESS GROUPS JOIN FORCES TO SHOWCASE NORTHERN POWERHOUSE TO INDIAN INVESTORS
In partnership with the Yorkshire Asian Business Association, global law firm DLA Piper is forging links with Indian companies to promote greater financial opportunities in the Northern Powerhouse.
At a roundtable event held on the 4th December in DLA Piper’s offices in London, leading lawyers from the global law firm met with the Confederation of Indian Industry and the UK Indian Bankers Association to discuss the challenges and opportunities that lie ahead for the Indian banking community in the UK.
The roundtable was chaired by former Treasury Select Committee Chair, The Rt. Hon Andrew Tyrie and was also attended by chief representatives from the UK offices of the State Bank of India, Punjab National Bank, Syndicate Bank, Dena Bank, Axis Bank, IndusInd Bank and ICICI Bank. The attendees discussed the impact of Brexit on the Indian banking sector and the potentially rich rewards of a bilateral UK-India Free Trade Agreement.
In addition, the attendees discussed the challenges and opportunities presented by FinTech and particularly the growth impact of blockchain and Bitcoin. DLA Piper also gave a valuable insight into the growth of financial crime and cybersecurity in the financial services sector, as well as the practical steps and measures that could be taken to mitigate those risks.
The discussion between the Confederation of Indian Industry and the Indian banking community will form part of a wider report to be published by the Confederation of Indian Industry in 2018, which will explore the scope and opportunities for inward Indian investment into the North of England.
Sohail Ali, Senior Associate at DLA Piper (Leeds), who organised the event in collaboration with CII and YABA said:
“We were delighted to host several very senior representatives from the UK’s Indian banking community and the Confederation of Indian Industry. India is a hugely important global marketplace with an exciting future. Post-Brexit, it will be even more vital for UK businesses and specifically the Northern Powerhouse to establish valuable relationships with India and we look forward to continuing this important dialogue.”
India is the sixth biggest economy in the world and is predicted to grow at an average of 5.9% until 2050. Over the next five years, India will be the world’s most populous country, with approximately half of that population under the age of 25. In less than ten years, India is expected to become the third largest consumer, worth some £3.14 trillion.
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Wishing you a very Merry Christmas and Prosperous New Year!
Chairman of Yorkshire Asian Business Association