The UK has set a goal to double their trade with India by 2030, with a target of £70bn if the Foreign Trade Agreement goes through. The announcement was made by the British Deputy High Commissioner to Telangana and Andhra Pradesh, Gareth Wynn Owen, during a CEO Forum Meeting on Trade, Technology and Tourism in Hyderabad, India.
During the panel discussion on the key drivers of the economy, Trade, Technology, and Tourism, other keynote speakers present included Jennifer Larson, the US Consul General in Hyderabad, and Orhan Yalman Okan, the Consul General of Turkey.
Gareth Wynn Owen highlighted that the Indian Diaspora in the UK is the largest ethnic minority community, including around 1.7 million British nationals of Indian origin and roughly 3,00,000 NRIs living in the UK. This community contributes 6% of the country’s GDP. The Deputy High Commissioner expressed a desire to work with T-Hub, the world’s largest innovation campus, and other incubators in Telangana.
Jennifer Larson shared that India’s bilateral trade with the US had increased tenfold from 2000 to 2019, reaching a record $146 billion. She added that the US is India’s primary export market and the second-largest source of direct investment. She expressed that they were expecting trade between the US and India to increase to $500 billion in 2023.
Orhan Yalman Okan discussed the new target set by both nations to reach $20 billion. Turkey is the 46th largest source of FDI equity inflows into India, with a cumulative FDI amount of US$ 216.11 million from April 2000 to September 2022. Turkish investments in India are around US$ 223 million. The Consul General stated that TUBITAK, a national agency of Turkey, is likely to set up an office in T-Hub, and a direct flight from Turkey to Hyderabad would be established.
The CEO Forum Meeting, organized by the Federation of Telangana Chambers of Commerce and Industry (FTCCI), aimed to provide networking opportunities for senior business people and the political class for proactive involvement in policies. FTCCI President Anil Agarwal expressed that trade serves as a catalyst for growth and prosperity, with tourism serving as a powerful instrument for cultural diplomacy, promoting peace, tolerance, and respect among nations.
The forum addressed the importance of technology, which Telangana is at the forefront of, being one of the top-performing states in the country with an average growth rate of over 11% of GSDP. The meeting was attended by Justice Chelameswar, the former Judge of the Supreme Court, Mr. Dasari Balaiah, Regional Passport Officer, Mr Sunil Saraf, among other members.
