Scottish businesses are being urged to explore exporting and investment opportunities in India at a roadshow event organised by the Department for International Trade (DIT) and Scottish Development International.
The India Roadshow 2019 will be held at the Scottish Enterprise Offices in Edinburgh on Friday 5 July where trade experts from DIT India and Invest India will share trading opportunities in the world’s fastest growing economy.
Goods exports from Scotland to India in 2018 were worth £620.2 million, a 10.2% increase since the previous year. Top exports include beverages, machinery and transport equipment. In the first quarter of 2019, 256 businesses from Scotland exported goods to India.
Crispin Simon, Her Majesty’s Trade Commissioner for South Asia, said:
“India is the UK’s 11th largest export market outside of the EU and accounts for £7.5 billion of current investment in the UK, so it is crucial that our businesses develop stronger trade links with India.
“In 2018, UK exports to India amounted to £8 billion, an increase of 19.3% from the previous year. The Indian economy has grown faster in recent years and become open to UK exporters, so I urge more Scottish businesses to take advantage of this opportunity.”
Business advisers at the UK India Business Council (UKIBC) will join a panel discussion at the India Roadshow 2019, highlighting why now is the perfect time for Scottish businesses to start exporting to India.
UKIBC supports UK businesses to succeed in Indian markets by providing advice, practical support and advocacy alongside industry insights and networking opportunities.
Spokesperson at UK India Business Council (UKIBC) said:
“UKIBC firmly believes that the opportunity to enter and expand into India has never been better for UK businesses with the operating environment improving markedly across sectors in which the UK specialises.
“Our relationship with India will become ever stronger, and it will be businesses from Scotland and across the UK that will be at the heart of driving this.”
With a growing middle class, India’s dynamic economy provides numerous trading opportunities for Scottish businesses to export a range of goods and services including machinery and mechanical appliances, precious stones and metals, iron and steel, and transportation and financial services.
In the past year, India has moved from 130 to 77 in the World Bank’s Ease of Doing Business rankings. The size of the Indian economy – the world’s 6th largest with the highest expected growth rate in the G20 – makes India a vital market for Scottish exporters.