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Blog - Survive & Prosper: emerging markets in a global recession
Verbal and visual observations covering latest business news and the issues influencing the Indian economy and consumer.
British government encourages UK business to take a fresh look at Indian market entry
The UK's Trade, Investment and Business Minister has urged UK PLC to consider the Indian market. His comments come in the same week as a UK Trade and Investment (UKT&I) report eulogizing the economic performance of emerging markets.
India on the move
Lord Davies of Abersoch said, "India is on the move and we must move with it". With bilateral trade between the two countries worth £12.6 billion and double-digit growth, Lord Davies wants more UK businesses to actively consider market entry.
Emerging markets outperforming the UK
In addition, addressing the Economist Emerging Markets Summit, Business Secretary Lord Mandelson said, "British business must seek out opportunities in emerging markets".
The summit also saw the launch of a report launched by UKT&I. "Survive and Prosper: emerging markets in the global recession". Supplementary research showed that 60% of companies - double the current number - expect to derive 20% or more of their total revenues from emerging markets in five years time. The report concludes that India is the second most preferred investment destination after China, India scoring 43% to China's 45%.
Win-win partnerships
The UK is the biggest European investor in India, and last year - based on the number of projects - India overtook Japan becoming Asia's biggest investor in the UK. 600 Indian firms now operate in the UK and in 2008, 4,000 UK jobs were created due to Indian investment.
The time is right
Considering the UK's sluggish market, India is an increasingly attractive option - businesses should be proactive. India's growing middle class presents wide ranging opportunities for product and service brands, as does India's huge requirement for improved urban infrastructure.
The timing is right as are market conditions. Forward looking companies should be positioning themselves for the upturn, India is set to play an increasingly significant roll in the global economy.