PracticeConsultingByers pledges to promote UK SMEs on India visit

Byers pledges to promote UK SMEs on India visit

Improving trade between small and medium-sized enterprises in the UK and India will be a key priority for trade secretary Stephen Byers during his New Year visit to India, DTI officials said this week.

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.

Indo-British PartnershipStephen Byers – the interview

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer