Mumbai has to be open to competition from outside

Mumbai, May 24 (UNI) Visiting Lord Mayor of the City of London John Stuttard today said development of skilled professionals and openness to competition from outside were among the few essential characteristics Mumbai had to develop in order to grow as an International Financial Centre (IFC).

Talking to reporters after inaugurating the India Office of the City of London here, Mr Stuttard said India had progressed well despite diversities. ''But development of skilled labour should not be a contentious issue. Accountants and corporate lawyers were required in more numbers,'' he added.

There was also the need for a single regulator for the city's development, he said, adding that Dubai has great ambitions to be a regional hub in Asia.

Underlining the positives of the financial capital of the country, the visiting Mayor said India's manufacturing sector and middle class are growing. Mumbai has a good educational system.

Besides being heritage tourist destinations, both Mumbai and London share enterpreneurial spirit, similar system of law and use of English language.

He said UK and India are entering into a new phase of their relationship. Investments in each others countries were not high earlier. But now, there is a paradigm shift.

The primary role of the City of London office in Mumbai will be to ensure that the government and private sector in India are made aware of the City of London as a unique cluster of capital and expertise.

The City office will promote the services of the City to the Indian public and private sector customers, including raising of capital, insurance, asset management, infrastructure, finance and consultancy and the exchanges in London, Mr Stuttard added.

It will also facilitate the business development of city firms, gaining and dissemination of information on market opportunities, identifying barriers to market access. Promote UK as physical location for representation and investment and support visits by Indian decision makers to the UK, he added.

UNI