A report has highlighted the business opportunities for
Britain's technology sector in India's growing middle
class.
The report was produced by
UK Trade and Investment (UKTI) and is aimed at British firms
working with semiconductors, mobile communications and
healthcare.
It says there are opportunities to combine the UK's frontier
expertise with
India's huge IT business to provide technological solutions for
India and round the world.
India increased investment in the UK by 44% in 2008, and is now
the second largest source of investment after the US. Two-thirds of
this investment came from software and technology firms.
UK-India bilateral trade is worth £12.6 billion, with UK exports
to India rising to 2008 to £5.9 billion, while imports rose to £6.2
billion.
UKTI chief executive, Sir Andrew Cahn, said: "India remains a
vital growth economy with opportunities to match. With potential
partnerships across technology sub-sectors, coupled with a severe
skills shortage, now is the time for UK companies to take advantage
of the technology boom."
UKTI is hoping to help small and medium companies enter the
Indian market, with
two Indian delegations set to visit the UK.
Lord Davies of Abersoch, Minister for Trade, Investment and
Business, said: "It's been over a decade since outsourcing was
the buzzword. Now, innovative Indian and UK firms are working
together at the top end of the industrial spectrum. India's talent,
confidence, energy and entrepreneurial spirit must be seen to be
believed."