CII wants UK to remain in the EU

The Confederation of Indian Industry (CII) today came out in favour of Britain voting to remain in the European Union (EU) in the June 23 referendum.
Joining industry groups from various Commonwealth countries, CII highlighted the "border-free" access to Europe for Indian firms in the UK as a strong factor in the UK's attractiveness to Indian investment.
"India invests more in the UK than in the rest of Europe combined, emerging as the UK's third largest FDI investor. Access to European markets is therefore a key driver for Indian companies coming to the UK," CII director-general Chandrajit Banerjee said in a statement.

"Anything that lessens this attractiveness may have a bearing on future investment decisions. It is important also to ensure continued border-free access to the rest of Europe for the many hundreds of existing Indian firms that have manufacturing bases in the UK," he added.
His views were echoed by industry bodies from Canada, South Africa, Kenya and Jamaica.
The UK's own Confederation of British Industry made its stand in favour of staying in as the "best of both worlds". Its Director-General Carolyn Fairbairn said: "The UK has the best of both worlds by being able to trade easily with nations both from the Commonwealth and from the EU. Our membership of the EU gives us a home market of 500 million customers, while EU trade deals open up new opportunities in markets across the world, including our historic Commonwealth friends.

"European trade agreements currently in progress with Commonwealth nations will give the UK greater access to established and high growth markets. We already do 40 billion pounds of trade with some of the Commonwealth's largest economies each year, so by pushing the EU to continue removing current barriers, we can create more jobs and drive growth in the UK. And as part of the EU, trade deals open up the whole single market to our Commonwealth partners."

She warned that leaving the EU would mean going back to the drawing board. "We would have to undertake lengthy negotiations to secure brand new deals, which we know from experience can take many years. Having a strong British voice in the EU is vital to the interests of the Commonwealth."

The EU has agreed free trade deals with Canada, Singapore and South Africa, and will open negotiations with Australia and New Zealand next year. India's own FTA with the EU is also in discussion.
Khanyisile Kweyama, chief executive of Business Unity South Africa, said: "We want the UK to remain in the EU, to build a more prosperous Commonwealth, Africa and Europe."
John Manley, president and chief executive of the Business Council of Canada, added: "Canadian companies invest more in the UK than anywhere else in the world except for the US, and they do so in large measure because they consider the UK a gateway to the rest of Europe."

The Federation of Indian Chambers of Commerce and Industry (FICCI), India's other leading industry body, had already warned against "considerable uncertainty" for Indian businesses operating in UK and Europe at the prospect of a British exit (Brexit) from theEU.