The UK India Business Forum (IBF), a forum of top Indian businesses operating in the UK, launched a renewed focus on enhancing two-way investments and collaborations this week.
Conceived as a vital knowledge-sharing platform to expand the Indian economic footprint in the UK, the Confederation of Indian Industry (CII) revived the UK IBF under its new chair – Keshav R. Murugesh, Group CEO of Indian business process management company WNS.
Indian High Commissioner to the UK Vikram Doraiswami, UK IBF Patron, said: “From the towels used at Centre Court in Wimbledon, to the Jaguar Land Rover cars that ministers and royalty here drive, from hotels to technology companies, from medicines to 80 per cent of Covid jabs by Serum Institute of India and Wockhardt in the UK, there is hardly any sphere in the UK that is not touched by the India relationship.
“The IBF has huge value for us in plugging the knowledge gap, in creating a space in the relationship for the future through supporting business, investment and core strengths of our society which is openness, education, and the ability to take advantage of the brilliant innovation that happens in our labs and research institutes and bring it to market.”
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The platform is designed to tackle common challenges encountered by the Indian business community operating in the UK. The UK IBF said the free trade agreement (FTA) negotiations between India and the UK lend greater significance to the renewal of the platform, with bilateral trade now worth just over £38 billion a year.
Murugesh, Chair of the forum, noted: “This is a crucial time for both countries to extend cooperation in critical areas such as trade and investment, technology and innovation, climate action, the future of work, skills and education.
“By collaborating with the UK government, local businesses and academia, the UK IBF will strategically support Indian companies and champion 'Brand India' in the UK.”
Chandrajit Banerjee, Director General, CII, stated: “The UK IBF is an exclusive group of corporate members, primarily Indian companies with existing or planned operations in the United Kingdom. With IBF 2.0, the platform provides an opportunity to raise shared concerns about policy and markets with relevant stakeholders.
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“The CII UK IBF has undertaken some important initiatives in the past and some of its recommendations have been positively viewed by the UK government.”
India and the UK signed a research and innovation agreement in April 2023, which aims to enable deeper collaboration on science, providing a strong framework for science and technology collaboration. The UK IBF is intended to provide a platform for further discussions regarding technology collaboration.