Byers, who arrived in Delhi today, will announce the Global Enterprise Initiative – an Indo-British Partnership (IBP) trade development scheme to link UK and Indian SMEs – and encourage them to develop joint ventures.
The IBP was launched in 1993 to boost trade and investment between India and Britain.
Byers said: ‘Small and medium-sized businesses are among the most enterprising and ambitious firms in the UK and India and they play a vital role in our economies. Both Governments are committed to building an enterprise culture in which small businesses thrive and achieve their potential as we face the challenge of competing in the knowledge-driven economy of the 21st century.
‘The GEI is the latest example of our efforts to enhance bilateral trade and investment. Facilitating trade between SMEs in both countries can only build upon this strong economic relationship.’
Since the launch of the IBP two-way trade between the UK and India – the world’s second largest emerging market – has increased dramatically and is now worth over £4 billion a year.
The UK Government has designated India as one of the UK’s 15 campaign markets. The UK is already the largest cumulative foreign investor in India with investment exceeding £3 billion.
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