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The UK remains one of the world’s most attractive investment destinations”: Secretary of State for International Trade Liam Fox
Aug 30, 2016

At a meeting with a select small group of CEOs at the Confederation of Indian Industry (CII) today, The Rt Hon Liam Fox MP, Secretary of State for International Trade and President of the Board of Trade, UK, emphasized that the factors that have gone into making the UK an attractive investment destination and a global financial hub, such as a skilled English-speaking workforce, access to an R&D base, lower taxation and regulation, some of the world’s best Universities and institutions, investment protection, are independent of the EU and have remained intact since the recent referendum. The UK, therefore, continues to be an attractive investment destination. The Secretary of State was responding to concerns and queries about the uncertainty created in the short term by Brexit.

Dr Naushad Forbes, President CII, spoke about the strength of India-UK relations and expressed confidence that bilateral relations would grow stronger on the basis of the greater freedom and latitude that the UK would now have in forging relationships. An India-UK FTA could be a distinct possibility in the near future. In the interim, suggested Secretary Fox, India could allow its Bilateral Investment Protection Agreement with the UK to continue to provide British investments in India the same protection that Indian investments in the UK enjoy till the UK was in a position to negotiate bilaterally.

Speaking on the UK coming on board as Partner Country for the CII-DST Technology Summit, Secretary of State Liam Fox said “The CII Tech Summit in November will be a further celebration of the UK-India partnership, where sector experts ranging from smart cities, healthcare, agri-tech and others will come together to boost trade, R&D as well as academic ties between the UK and India”. Dr Forbes said - “Technical capability is the source of prosperity for business. The India-UK Tech Summit promises to be a platform which will unleash new possibilities and add new dimensions to our long relationship.”  Added Mr Chandrajit Banerjee, Director General, CII -“CII is happy to be a part of this important bilateral initiative which began with Prime Minister Mr Narendra Modi’s visit to the UK last year. I hope Indian industry will take maximum advantage of the presence of a large number of British companies in India on this occasion and go all out to forge new partnerships.”

29 August 2016

New Delhi

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