16 May 2007
City of London Lord Mayor leads
intense week of India-UK finance talks
The Lord Mayor of the City of London
John Stuttard, who represents UK-based financial services, arrives
in India on 20 May 2007 to explore how the City of London can work
with the Government of India develop an international financial
centre in Mumbai.
During the Lord Mayor’s visit to Delhi,
Kolkata and Mumbai, he and an accompanying delegation of up to 40
senior business people from the UK will share their experience of
developing a financial centre and adapting to globalisation.
Lord Mayor Stuttard said:
“India’s High-Powered Expert Committee
on developing Mumbai as a world-class financial centre described
the City of London as its ‘natural reference point’ and we are keen
to partner with the Indian government as it works to develop its
national economy.
“It is a challenging and exciting time
for India with an economy growing at more than 8% and half the
population under 25.
“The City wants to engage with the
Indian Government agenda and what the leaders of the India of
tomorrow want to achieve in terms of growth, increasing employment
and reducing poverty.”
The Lord Mayor’s week-long schedule
includes meetings with the Minister of Finance, Minister for
Commerce & Industry, West Bengal’s Chief Minister and the
Governor of the Reserve Bank of India.
The Lord Mayor will address a seminar
in Delhi - ‘Partners in Action - How London’s global financial
experience can be relevant to India’, and chair an event in Mumbai
focusing on how Public-Private Partnership (PPP) can help finance
India’s infrastructure.
The visit is part of a series of
high-level visits from the UK to India in 2007 to explore areas of
collaboration.
Supported by UK Trade & Investment
and the British Council, the Lord Mayor will also lead sessions in
all three cities on education, training and qualifications. These
will promote the excellence in top-level skills and training
development in the UK for financial services personnel. The Kolkata
event on 23 May is titled “UK and India: Partners in Action; Skills
for Business Success”
The Lord Mayor will launch a new joint
financial services promotional brochure during his India visit.
Entitled “The City: United Kingdom Financial Services – Leadership
through Innovation” has been produced jointly by UK Trade and
Investment (UKTI), the City of London, Think London and
International Financial Services, London (IFSL).
The brochure showcases the global
strength of the UK financial services national offering and
highlights its wealth of opportunities and will be available at
seminars and events during the visit.
Lord Mayor John Stuttard said:
“This new brochure along with the joint
website www.thecityuk.com are invaluable tools to aid the overseas
promotion of UK financial services and the City of London as the
world’s prime international financial centre.”
Ends
For further information contact
Rebecca Sandles, City of London Press Office
Tel 020 7332 1452
Email
Notes to editors
The City of London provides local government services for the
Square Mile, the financial and commercial heart of Britain and is
committed to maintaining and enhancing the status of the business
City as the world's leading international financial and business
centre through its policies and services. Its responsibilities also
extend far beyond the City boundaries and include management of the
Barbican Centre, Central Criminal Court at the Old Bailey, Epping
Forest, Hampstead Heath, three wholesale food markets, as well as
acting as the London Port Health Authority.
Key facts on City of
London
-
32% of all world currency trading is
done in London (more than NYSE and Nasdaq combined).
-
90% of world trade in metals, 23% of
world aviation insurance, 25% of all marine insurance, almost 50%
of all ship brokering is done in London.
-
London has the most liquid financial
market and is the most international (do we have some supporting
figure).
-
London is the largest investment
banking centre in Europe, dealing with half of all European
investment banking activity. Most investment banks are
headquartered or have a major office in London.
-
610 foreign companies are listed on
the London Stock Exchange.
-
London’s international experience –
it has the most foreign banks of any financial centre (255 by March
2007 figs) – NY has 228 and Paris 217.
Key facts on Indian
economy
-
Indian economy is currently growing
at 8% every year. With manufacturing growing at 12%, services at
12% and ICT at 25%.
-
India was the 2nd largest investor in
the UK in 2006 (by number of projects). UK 4th largest investor in
India.
-
2005/6 saw a 111% rise in number of
inward investment projects from India reaching 76 (including
M&A) worth £1.02bn.
-
Bilateral trade in goods for the
period Jan-Jul 2006 totalled £3,451million, an increase of 5.7% on
the previous year for the same period.
-
UK receives approximately 60% of all
Indian investment coming into the EU. Indian investment is spread
across the UK although London does receive by far the largest share
(30% over the last 5 years).
-
India produces 2million graduates
each year, 465,000 engineers, 300,000 postgraduates and 1500 PhDs
every year.