UK awards to attract business heavyweights

Indian investments in United Kingdom trade is third among Asian countries, after Japan and China.

However, it is expected to gain the top slot at the end of the financial year ending March 31, 2006, according to Mark Dolan, director of UK's Inward Investment Group in India. He was speaking at the formal launch of the UK Trade and Investment India Business Awards 2006 in Kolkata.

In terms of global investments in UK which stands at £ 160 billion, India is at the eighth position, he said.

Of the total investments made by Indian companies in the UK, 37 per cent is in the information technology sector, 16 per cent in banking and finance, 13 per cent in pharmaceuticals and healthcare and 5 per cent in automobile components sector, said Dolan.

"UK chancellor Gordon Brown has announced the government is readying a new five-year strategy for a step-up in the government's drive to market its economic strengths internationally, with special focus on high-growth countries of strategic importance like India and China", said Kevin McCole, acting British deputy high commissioner in eastern India.

The awards, co-sponsored by Barclay's Bank, BMI, Grant Thornton, London Stock Exchange and the Taj group of hotels, would be held later this year.

"The selection panel for the awards to be announced in April, will be composed of distinguished business personalities from India and UK and will be chaired by the British high commissioner in India, Michael Arthur", said McCole.

"Nominations for the awards will be accepted till June 30, 2006 from Indian and British companies excelling in knowledge-based industries including software, business process outsourcing, pharma, biotech, healthcare, automotive, engineering services. It is the first ever business award set up by any government to recognise India's success in global business", said Dolan.