India And UK Have Significant Potential For Economic Ties
London (PIB-GR-TYP-BIN): The Prime Minister addressed the business community of the City of London, at Guildhall on November 12.
The Prime Minister said, “UK and India have known each other very well since several centuries. Our system of Governance is also based largely on the Westminster model. – Our institutions know to interact with each other; – Our people know to work with each other; – Our businesses know to grow with each other
That is the reason that UK is among India’s major trading partners. UK is also the third largest foreign investor in India. And I must add- this is not one sided. India has emerged as the third largest source of FDI for UK. However, there is significant potential for India and UK to further strengthen their economic ties.
We have to effectively leverage the mutual understanding which is there for each other. We are particularly keen to develop the sectors where UK is strong. We are working hard to create conducive conditions for this engagement. A strong Indian community here keeps pushing us for better and better integration with UK.”