The Telegraph
Thursday , May 29 , 2014
CIMA Gallary

Trade focus on SMEs

Scott Furssedonn-Wood in Calcutta on Wednesday. Picture by Kishor Roy Chowdhury

Calcutta, May 28: Small and medium enterprises are key to the growth of trade between India and the UK, Scott Furssedonn-Wood, British deputy high commissioner to eastern India, has said.

Furssedonn-Wood also said the indication by the BJP government to not allow multi-brand retail by foreign players, was to be respected.

“We need to export more for the economy to grow. That growth has to come from SMEs,” Furssedonn-Wood said today at a meeting organised by the Bharat Chamber of Commerce.

“At present, there are British SMEs exporting to India. The UK trade and investment office will identify more such companies who can export. We, as part of the government, play a very important role in connecting markets,” he said.

British companies exporting to India largely deal in manufacturing, automotive components and healthcare.

According to Furssedonn-Wood, there is scope of strengthening ties in infrastructure, city-building, manufacturing, power and healthcare. The two countries plan to double bilateral trade to about $38 billion by 2015.

“India needs inward investment and the UK specialises in raising and delivering investment capital. India also needs to better infrastructure and the UK specialises in that too,” he said.