British business secretary on 4-day visit to India

Cable will co-chair the annual UK-India Joint Economic and Trade Committee with Anand Sharma

Vince Cable, UK's Secretary of State for Business, will leave for India today on a four-day visit during which he will hold talks with senior ministers and meet captains of industry.

Cable will co-chair the annual UK-India Joint Economic and Trade Committee (JETCO) with Union Minister for Commerce and Industry Anand Sharma in New Delhi later in the day.

He is being accompanied by a large delegation of over 25 British businesses. He is also scheduled to visit Coimbatore, Chennai and Bangalore during his stay in India.

Cable will also meet Union Finance Minister P Chidambaram and other senior government officials and ministers.

Plans to develop business opportunities and strengthen existing partnerships over the coming year to progress advanced engineering, education and skills and innovation through business will be the focus of the talks.

He will participate in a panel discussion at FICCI.

"Economic recovery remains a central priority for the UK and our industrial strategy is a key element in giving businesses the confidence to invest. Trade has lagged in recent years but I am delighted that UK exports to India have grown by some 20 per cent this year," Cable said.

"UK firms are the largest European investors in India and there is more Indian investment in the UK than the rest of the EU combined, led by Tata.

We have always had a special relationship between our countries and I am keen to push business collaboration much further as we work towards doubling trade with India by 2015."

During the trip, Cable will sign a new 180 million repayment guarantee deal underwritten by UK Export Finance and coordinated by HSBC which will support Reliance Industries Limited to place up to 30 service and equipment contracts with UK companies for their Jamnagar and Dahej oil refineries.

Indian-based online and mobile search service Zomato intends to invest a further USD 1 million in Scotland over the next year, set up teams across key UK cities and make the UK the headquarters of its European operations. Newcastle, Leeds and Bristol are amongst the cities being looked into.