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Scope for Indo-UK tie-ups in advanced engineering |
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India’s achievements in different fields have created new challenges, offering opportunities to UK firms to partner with Indian companies, according to experts from the UK advanced engineering sector.
The UK Advanced Engineering events demonstrating capabilities in advanced material, engineering and design concluded on Friday last with Chennai as its last leg. More than 200 delegates from a host of engineering companies participated in Chennai. Close to 150 delegates participated in events held in Pune and Bangalore.
Briefing the media, the visiting delegation headed by Prof Mike Gregory of University of Cambridge, said UK-India association can focus on advanced engineering, which makes significant contribution to the UK economy with an estimated annual turnover of £160 billion. The advanced engineering encapsulates automotive, aerospace and engineering industries, which are in the threshold of major growth in India, he said.
The partnership could help Indian companies reach higher levels enabling them to look at substantial value addition and enhance product portfolios, said the Head of Advanced Engineering Team, UK Trade & Investment India, Mr Richard Hyde.
Total two-way trade grew by 15.5 per cent in 2007 compared to 2006 and UK is the third largest investor in India after Mauritius and the US. Between 1991 and 2007 about 860 technical collaborations have been approved from the UK representing 10.83 per cent of the total technology transfer approvals, he said.
Prof Gregory said UK’s extensive resources, expertise and capability in advanced engineering could provide India with a perfect partnership fit for its growth trajectory besides benefiting from a dynamic, globalised environment. Indian companies setting up offices in London could leverage business potential in Europe due to locational advantages and conducive business environment. With the UK offering low tax for foreign investors, it provides the least barriers to entrepreneurship, he added.
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