Steve talks up Brum with Indian business leaders
Submitted by admin on Thu, 2010-07-01 00:00
Earlier this week I hosted a reception yesterday with leading Indian businessmen in the House of Commons. The Chairmen of some of India’s largest companies were present including Ashok Lowland and Hindustan Motors. India is reportedly the second largest source of inward investment into the UK and over 600 Indian companies have a base here. In 2008/9 over 4,000 jobs were created in the UK as a result of Indian inward investment. These are difficult economic times and one of my most important tasks as a Birmingham MP is to bang the drum for Birmingham and showcase what we have to offer global companies. India's economy grew throughout the global financial crisis and is currently seeing growth rates of over eight per cent a year. Developing these business links is vital for job creation here. Birmingham has a highly skilled, flexible work force. Hosting this reception has given me the opportunity to explain to key Indian industrialists why Birmingham is a great place to invest. I will be inviting these leading businessmen to my constituency so they can see first-hand what our city has to offer. I also further emphasised the point by giving out bars of Cadbury chocolate - made in Bournville in my constituency. Of course, it is not just inward investment that we need. India provides great opportunities for exporters. In 2008 the UK exported £600 million of goods and services to India. A number of councils have held successful trade fairs to help educate local businesses about the exporting opportunities available. A 2008 report showed that entrepreneurs in the city are still nervous about taking the leap but with the Indian economy set to grow strongly for decades to come it’s an opportunity we cannot afford to miss.