The Export-Import Bank of India (India Exim Bank) organised a programme on the theme of “Investment Opportunities between India and the United Kingdom” during October 30-31, 2023 in London, United Kingdom (UK). Given the recent developments in India-UK relations, the two-day programme aimed at exploring avenues of strengthening the economic partnership between the two nations. As part of the programme, the India Infrastructure Finance Company Ltd (IIFCL) also organised sessions. The programme seen a wide participation from Indian and Foreign Banks, Financial Institutions, Investors and various industrial sectors in the UK.
Dr. Vivek Joshi, Secretary, Financial Services, Ministry of Finance, Government of India, graced the event on “India’s Technological Advancement and Enhancing Global Footprint”, as Chief Guest. Ms Harsha Bangari, Managing Director, India Exim Bank during the welcome address set context to the Programme and highlighted the key complementary sectors and industries between India and UK. Dr. Joshi, in his address, delineated India’s position as amongst the fastest growing major economy in the world, and also brought to the fore India’s technological advancements especially in the areas of digital technology, automobiles including electrical vehicles, and pharmaceutical, which are further propelling the Indian economy, and generating possibilities for further investments between India and the United Kingdom.
Dr. Joshi also highlighted India’s notable developments in the space sector as it focusses on its cost-effectiveness, while possessing end-to-end capabilities, including in areas like satellite communication, and geospatial data-based services. He remained optimistic towards India and the UK forging alliances in this area as more players venture into upstream and downstream sectors in space to provide commercial offerings.
Speaking on the occasion, Mr. Pankaj Sharma, Joint Secretary, Financial Services, Ministry of Finance, Government of India, added that India has laid out an ambitious target of achieving US$ 2 trillion exports annually by 2030, and India’s Foreign Trade Policy 2023, among others, aims at galvanizing districts in India to become export hubs by identifying products and services with export potential. He emphasised that trade in such sectors would also strengthen bilateral ties between India and the UK.
Mr. Sujit Ghosh, Deputy High Commissioner of India in UK, highlighted the progress in innovation, research & technology and outlined the potential areas of cooperation and existing synergies for enhanced India – UK partnership.
The event also saw discussions amongst a panel of experts from corporates, practioners and policymakers, who dwelled upon the evolving opportunities amidst the changing geo-economics, in areas like automobiles, pharmaceuticals, construction equipment, IT and space technology and exploring business opportunities between Indian and the United Kingdom.
Marking the occasion, India Exim Bank concluded a credit facility of USD 94.40 mn to Network Access Associates Limited (a subsidiary of Oneweb Holdings Limited, UK) to support a satellite launch contract secured by NewSpace India Ltd. (NSIL) on behalf of the Indian Space Research Organization (ISRO). The contract covers two launches comprising 36 satellites each, as part of a constellation of Low Earth Orbit (LEO) satellites to provide 24/7 broadband internet connectivity across the globe.
As part of the two-day event, India Exim Bank also opened the Markets at the London Stock Exchange to commemorate the listing of its maiden US$ 1 billion Sustainability Bond on the London Stock Exchange’s Sustainable Bond Market (“SBM”) Platform, and also organised a series of engagements with investors and merchante bankers in London to provide updates on the Indian economy and Exim Bank’s operational and financial performance. India Exim Bank has consistently worked towards enhancing its ESG and innovative initiatives, along with transparency and communication with its stakeholders
For more information, please contact:
Mr. Gaurav Bhandari, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Phone +91-22-22172829; E-mail: ccg@eximbankindia.in.