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India-UK Sports Alliance to encourage greater bilateral trade

Press Trust of India  |  London 

The on Tuesday brought together business leaders from high-profile sporting companies based in and the UK to showcase international trade opportunities in as part of a new Alliance.

The said the India-UK delegation will showcase opportunities for British sporting exporters during the ongoing 2019 Cricket Cup in England.

Latest data released by DIT shows exports of sporting goods to increased by 30.6 per cent in 2018, with overall exports of British sporting equipment at an all-time high and rising by 10 per cent to 500 million pounds last year.

The UK wants to be India's partner in delivering class sporting events using our experience and expertise gained from delivering some of the biggest global events in the world, UK's for International Trade said.

There are significant benefits of hosting large sporting events to local economies. By showcasing the success of British business at the Cricket Cup, the UK stands ready and able to help our Indian sporting partners realise their own success, he said.

The DIT noted that is already the UK's 11th largest export market outside of the EU and accounts for 7.5 billion pounds of existing investment in the UK.

Bilateral trade is valued at more than 20.5 billion pounds per year and estimates show that the Indian sports market can become a USD 10 billion industry by 2026.

This means there is exponential potential for growth in British sports exports to the region, DIT said.

Representatives from Indian commercial giant Reliance Industries, part of the Indian sports delegation, welcomed the organised by the DIT in and said that it would help broaden the scope of our relationships in the UK with both the and policymakers.

Sundar Raman, of Reliance Sports, said: Reliance Sports has had strong connections with the UK since inception particularly the partnership between the and the Premier League, which was renewed again earlier this year.

This is an exciting time of exponential growth in India's sports sector, and I am pleased that the and businesses are engaging with us to strengthen bilateral trading relationships, Raman said.

Interim Chief Executive, Richard Masters, said that league is keen to develop existing relationships in India and identify new ones.

He also highlighted that the has worked extremely closely with the (ISL) and other organisations for more than a decade to support the growth of in India.

Earlier this year we brought the first Development Week to Mumbai, in conjunction with the ISL, the DIT and Star Sports. This provided a great opportunity for our clubs to share their knowledge with coaches and young players from across India, Masters said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 16:50 IST