WEF 2014: UK proud of Indian investments driving JLR success, says Cameron

Davos: Pitching Britain as an attractive destination for investors, Prime Minister David Cameron on Friday said he was proud that Indian investments were driving the success story of Jaguar Land Rover.

"I am proud that it is an Indian investment that is driving the JLR success story. I am proud of Chinese investments in our country. Britain today is open for investments from across the world," Cameron said here.

UK-based auto maker Jaguar Land Rover is owned by Indian business conglomerate Tata group, which acquired it from Ford in 2008. While there was opposition initially to Tatas acquiring these marquee British brands, the company has since then scripted a turnaround.

Addressing the World Economic Forum (WEF) Annual Meeting, Cameron said Britain has chosen to embrace foreign investments and was also working on improving trade with countries in Asia and Americas.

Upbeat about the future of UK economy, the Prime Minister said the key challenge before European countries is how to make good of the global scenario.

Noting that European countries have a choice today, Cameron said, "If we act now, we can be assured of the benefits of the next phase of globalisation ... And we must not fail."

"People say when East wins, West loses and when people lose, machines win. I don't subscribe to such a pessimistic view.

"In fact, if we make right decisions, things will be good for everyone. Some outsourced jobs can be brought back. We can do more to ensure people get jobs," he said.

Stating that a long term plan to safeguard Britain's economy has been worked out, Cameron said measures in this regard include reducing taxes, lowering immigration, delivering good education and ensuring job creation.

"There is a chance that some of the jobs can be brought back to Britain, from food processing to fashion, from car manufacturing to computers. Jobs are being brought to Britain by Indian companies. Britain has more exports of cars than imports.
"Some companies are planning to shift manufacturing jobs from other countries to Britain and the employee costs are also becoming competitive, he added.

Emphasising the need to focus more on renewable energy and protect the environment, Cameron said: "We should look at what shale gas has done to America".

European leaders should understand the kind of boost that shale gas can give to their economies, he added.
In reply to a question from Indian-origin industrialist Prakash Hinduja on what Britain was doing for the benefit of the poor people of the world, Cameron said, "Britain is keeping its promises in terms of providing aid to the people who need it".

"I completely agree that Britain should work towards helping the poor of the world and I would want other countries to do the same.

"In terms of providing food to hungry, vaccination to children and other aids, we must do that," the Prime Minister said.