LONDON, Feb 14: The Lord Mayor of London is embarking on a week-long trip to India, commencing Saturday, with a mission to promote free trade and enhance bilateral capital flows. Alderman Alastair King, the 696th Lord Mayor and representative of the City of London’s financial community, will focus on his theme “Growth Unleashed” during discussions in Mumbai.
His itinerary includes meetings with British trade officials and major Indian banking institutions, including HDFC, State Bank of India (SBI), Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI).
“The theme ‘Growth Unleashed’ aims to inspire British businesses to tap into vibrant markets like India, engage directly, and expand their operations,” stated the Lord Mayor in an interview with PTI, prior to his Mumbai visit.
This trip precedes a planned visit by UK Business and Trade Secretary Jonathan Reynolds later this month, aimed at formally reviving discussions on the India-UK Free Trade Agreement (FTA), which had been stalled due to general elections in both nations last year.
“The timing is quite favorable. There was a lull in promoting the Free Trade Agreement, and I’m encouraged to see Minister Reynolds heading to India as well. Meanwhile, we can discuss opportunities in financial, professional, legal, and maritime services presented by the FTA,” King explained.
He emphasized the significance of the India-UK trading relationship, valued at approximately GBP 41 billion annually, especially amid global trade disputes and tariff tensions with the US.
“This underscores our commitment to expanding trade, as numerous extraordinary opportunities exist between the UK and India. Sectors such as infrastructure investment, financial services, and legal services are particularly promising,” King remarked. “Facilitating capital flow between the UK and India presents remarkable opportunities for both nations.”
The City of London Corporation is also eager to attract more Indian investments in the UK, leveraging London’s premier financial services. “Many Indians already view London as a second home, and I believe this relationship is growing continuously,” said King, a former businessman who has experience in the Mumbai infrastructure sector.
“We previously operated a business focused on investments in the container trade, which presents a compelling narrative as India increasingly integrates into global trade and its infrastructure expands. India represents a significant long-term growth opportunity,” he highlighted.
Upon returning to Mumbai, the Lord Mayor aims to discuss the financial services sector’s potential as a key growth area for both economies, emphasizing investment protection and business mobility.
“In the Square Mile of the City of London, 678,000 people are employed. Our status as the leading international financial center stems from our highly skilled workforce. We must attract top talent from around the world, including the brightest minds from India,” King concluded. (PTI)
