`Britain, India must forge new economic partnership`

Britain and India have the potential to forge a new economic partnership and further develop trade and investment links in the financial services sector as well as the wider economy, a top UK Ministry official said.

Mumbai: Britain and India have the
potential to forge a new economic partnership and further
develop trade and investment links in the financial services
sector as well as the wider economy, a top UK Ministry
official said.

"It is a good opportunity for both the countries to
enhance relationship by helping each other. This is also an
opportunity where the Indian investor can invest in Britain,
and British investors can also invest in India. I think it`s a
mutual partnership," United Kingdom`s Chancellor of the
Exchequer George Osborne told reporters during the launch of
Vodafone`s new solar-powered mobile handset here today.

Osborne said that it is a good chance for Indian IT
contractors to get involved and provide services to the
British government.

"TCS (Tata Consultancy Services) has a back office in the
UK and we would like to see more companies coming. We want
smaller and mid-size companies to provide services to the
British Government," he said.

Commenting on stress tests in view of the European
financial crisis, he said they have helped build confidence in
the banking system. "It was necessary and it was picked up in
a transparent way. However, it is not the only measure we need
to look up. It is in Europe`s interests and indeed whole of
G20`s interests, including India," he said.

In Mumbai, he will call on RBI Governor D Subbarao at
an event co-hosted by the British Deputy High Commission, UK
Trade and Investment and the Indian Bankers` Association. It
will be attended by senior representatives of the banking,
financial services and business communities in the
city.

PTI

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