Trade volume between UK, India set to double by 2015
Despite the prevailing uncertain global economic conditions, trade volume between Britain and India is set to double by 2015 and is "on track" to achieve it, a top UK diplomat said here on Thursday.
Chennai: Despite the prevailing uncertain global economic conditions, trade volume between Britain and India is set to double by 2015 and is "on track" to achieve it, a top UK diplomat said here on Thursday.
"Yes, we are on track. We want to double it by 2015. I think it is about 23 billion pounds..", British Deputy High Commissioner Mike Nithavrianakis told PTI on the sidelines of a conference.
As per the figures of UK High Commission, between 2010 and 2011, the trade between the two countries grew by 23 per cent. In 2011, the total trade volume stood at 16.8 billion pounds.
According to Commerce Ministry, India's main exports to United Kingdom include textiles and apparel, fuels, gems and jewellery, ores and machinery while it imports aircraft, spacecraft, fertilisers, ships, oars and floating structures.
UK is the seventh largest exporter to India. However, India is UK's 18th largest export market worldwide and third largest export market in Asia after China and Japan.
Participating in a function where Chennai-based TVS Logistics acquired UK-based Rico Logistics, Nithavrianakis said: "My intention is that we should do much more of that(of doubling the trade volumes".
Stating that UK was a "thumping" investor in India like the British Petroleum-Reliance deal and Tata-Jaguar, he said, "lot of (UK) investments happen in India".
Expressing his desire to visit the office of Rico Logistics Services, headquartered in Slough, UK, he extended his government's full support for the two companies in future.