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CII to set up business forum in U.K.

NEW DELHI: The Confederation of Indian Industry (CII) has decided to form a CII India Business Forum, U.K., (CII-IBF, U.K.) with a view to forging a new strategic economic engagement between the two countries. The CII-IBF, U.K., would be set up during the annual CEO mission to that country on June 22 and 23.

The mission is to be led by the CII President and TVS Motor Company Venu Srinivasan. Minister for Commerce and Industry Anand Sharma and Financial Services Authority, U.K. Chairman Lord Adair Turner would be addressing the CII India Conference on Managing the Global Crisis. The 16-member delegation would meet senior political leaders, top administration officials and business heads, including Secretary of State, Department for Business, Innovation and Skills Lord Peter Mandelson, Chief Executive, U.K. Trade & Investment Andrew Cahn, and Leader of the Conservative Party David Cameron.

The delegation would focus on issues like the economic crisis, directing India-U.K. ties to uncovering new avenues of collaboration besides addressing issues of global concern such as regulation of the global financial system, climate change and security.

Bilateral merchandise trade crossed $12 billion in 2008-09 with services trade at $5 billion. The CII has proposed a target for merchandise trade at $40 billion by 2015 and special emphasis on expanding services trade to $12 billion. It also suggested that the U.K. could have greater investment position in the Indian economy through keynote projects. Higher frequency of missions and trade events and identification of new areas for collaboration, especially high-end technology was also emphasised.

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