New Delhi, Nov 28 (UNI) Commerce Minister Kamal Nath today called for the UK's investment, expertise and participation, particularly in the areas of infrastructure development, small&medium enterprises (SMEs), industrial training, technical education, networking and technology development.
Interacting with the high-level delegation of Conservative Friends of India MPs from the British Parliament here, Mr Nath said the UK is the third largest investor in India with a total investment of 5.52 billion dollars and added that most of the major UK companies have a history of long and fruitful presence in India.
During the discussions, the Minister emphasised that there is a large potential for bilateral trade in services and easier movement of professionals will help in realizing this potential.
He added that the bilateral trade between the two countries during 2007 was to the tune of 10 billion pound (15 billion dollars).
Both sides also discussed about the review of bilateral economic relationship conducted annually by the Joint Economic and Trade Committee (JETCO).
Mr Nath informed the visiting UK delegation that India follows a WTO compatible IPR regime and is computerizing its IPR offices.
Similarly, training of examiners and international cooperation have also been taken up to strengthen the IPR regime implementation.
The mail sectors attracting FDI inflows (from January 2000 to August 2008) from the UK are, Services Sector (financial&non-financial) (51 per cent), Ports (14 per cent), Petroleum&Natural Gas (5 per cent), Electronics) (5 per cent), and Computer software and Hardware (3 per cent).
The top sectors attracting FDI approvals (from August 1991 to August 2008) from the UK are Fuels (power&oil refinery) (38 per cent), Telecommunications (23 per cent), Chemicals (other than fertiliser) (7 per cent), Fermentation Industries (6 per cent) and Services Sector (financial&non-financial) (5 per cent).
Major items of exports to the UK include: textile yarn and fabrics, petroleum &petroleum products, power generating machinery&equipment, general industrial machinery&equipment, electrical machinery, apparatus&appliances, apparel&clothing accessories and footwear.
Major items of imports from the UK are: Metalliferous ores&metal scrap, non-metallic mineral manufactures, petroleum, petroleum products&related materials, power generating machinery&equipment, and transport equipment.
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