Promoting Free Trade: London’s Lord Mayor Visits India
London, February 14 (PTI) - The Lord Mayor of London is embarking on a mission to foster the message of free trade and enhance reciprocal capital movement as he initiates a week-long tour to India starting Saturday.
Alderman Alastair King, serving as the 696th Lord Mayor and representing the prestigious City of London financial district, will engage in extensive dialogues in Mumbai aimed at his mayoral theme “Growth Unleashed.”
Key Discussions with Financial Institutions
Kings’ agenda encompasses meetings with officials from the British government related to trade as well as prominent institutions within Indian banking and finance including HDFC Bank, State Bank of India (SBI), Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI).
The Alderman articulated that the slogan “Growth Unleashed” seeks to motivate British enterprises to explore exceptional growth markets such as India. “It’s about knocking on doors and expanding business opportunities,” he stated prior to his departure for Mumbai.
Tentative Steps Towards Renewed Trade Agreements
This visit precedes an anticipated trip by UK Business and Trade Secretary Jonathan Reynolds scheduled for later this month, intended to officially revive discussions surrounding the stalled Indo-UK Free Trade Agreement (FTA) which was hindered due to electoral processes in both nations last year.
“The timing appears opportune. Progress towards finalizing the FTA had somewhat stalled previously; thus I’m thrilled that Minister Reynolds is also heading to India,” shared King.
“Meanwhile, we can emphasize potential opportunities for those engaged in various sectors like financial services, professional services, legal frameworks, and maritime operations that this agreement promises,” Alderman King elaborated.
The Significance of Indo-UK Trade Relations
He underscored the critical nature of trading relations between India and the UK valued at approximately GBP 41 billion annually amidst ongoing global trade tensions particularly from US tariff threats. “This reinforces our commitment towards boosting trade activities,” noted King. He conveyed enthusiasm regarding possibilities for collaboration focusing on investments in infrastructure along with financial and legal services sectors—fields ripe for expansion.
“Facilitating capital flow between our nations opens up exceptional investment avenues,” he added emphatically. The City Corporation has expressed a desire for more Indian firms channeling investments into Britain’s leading financial landscape.
An Ever-Growing Relationship Between Nations
Alderman King pointed out that numerous Indians already consider London their second home—a sentiment likely intensifying over time. Drawing from his own past experiences operating in Mumbai’s infrastructure sector where his business specialized in container shipping investments—he identified India’s burgeoning integration into global commerce providing a substantial growth narrative over decades ahead!
As he returns to Mumbai donned with new responsibilities, Alderman King’s interactions with local financial service providers are set aimed at positioning this sector as pivotal engines supporting mutual economic growth while addressing aspects around investment safeguards alongside smooth business facilitation strategies.
Attracting Talent: The Key Ingredient for Success“In London’s Square Mile alone there are approximately 678,000 professionals contributing significantly towards making it an unparalleled international finance hub.” He affirmed that attracting talented individuals remains crucial — especially inviting bright minds from regions like India—will ultimately enhance global competitiveness referring back explicitly how diversity amplifies innovation within workforce dynamics,” concluded Alderman King.
This report originates from PTI news service; ThePrint is not accountable for its content quality or accuracy.
