Derek Fatchett, British minister of foreign affairs and Commonwealth, said here yesterday that bureaucratic interference is one of the principal deterrents for foreign investments in India.
Speaking at a seminar organised by the Confederation of Indian Industry, the visiting minister said overseas investment is waiting to come to India. But before that the country needs to change its bureaucratic procedures and ensure they dont come in the way of business.
Fatchett said the UK was not looking for any special favours but only the right to compete on equal terms.
We want an open market so that we can compete on equal terms. We do not want special treatment, he said.
India needs to improve its infrastructure, including political and administrative decision-making process, for inviting high quality investments.
The minister said India was not top on the British businessmens agenda while considering Asian countries for investment.
London investors and bankers should name India in their first breath when they talk of investment possibilities in Asian countries. This should be our aim, he said.
I welcome your governments approach towards liberalisation and opening up of economy. I can tell you more investments are waiting to come, Fatchett said.
