8 April 2008
City of London Lord Mayor to deepen business ties with India –
and looks to India’s own reform research as setting a measure for
India’s future success
Lord Mayor of the City of London David Lewis arrives in India on
11 April, leading a business delegation of over 50 City
representatives on an 11-day visit as part of a concerted UK push
to strengthen links in financial services with India.
“India stands at the centre of the 21st century commercial world
and our two nations are already a strategic partnership of equals.
But, London needs to work closely with what could become our most
important partner”, said Lord Mayor Lewis, who represents the
interests of the world’s leading international financial services
centre.
“India has achieved so much in recent years, but with Mumbai
standing at 48 in the latest Global Financial Centres Index – it
could do even better. The report of the Indian High Powered Expert
Committee on making Mumbai an international financial centre and
the draft report of the Raghuram Rajan Panel on Financial Sector
Reforms, both say that increased liberalisation of financial
services would bring significant economic benefits to India. With
India’s tremendous resources of human capital, innovation and
dynamism, the potential – if realised soon - is enormous.”
The Lord Mayor’s delegation will meet top Government and
business leaders to encourage widening of contacts on a range of
issues, including: liberalisation of financial services, investment
in and from the UK, and joint City of London/India working.
Lord Mayor Lewis said, “India and Indian businesses are
ambitious for growth – but also want to ensure such growth brings
wider prosperity, a reduction in poverty and the development of
skills.
“The City of London’s position as one of the world’s two leading
centres of international finance means it has access to many good
and bad lessons from its own history and is keen to share these
with India – for mutual benefit. Our skills and expertise can help
India achieve her potential.
“But, London has much to learn from India too and The report of
the Indian High Powered Expert Committee on making Mumbai an
international financial centre offers a clear pathway for how India
can grow its own wealth and strengthen the foundations of its own
success.
“India and the UK have close ties of history and culture, and
the City wants to be India’s natural partner in financial services
– in India or in the UK and Europe.
“The opening of the City Office in Mumbai last year and the size
of this year’s delegation, demonstrate how important India is to
the City. On this visit we wish to share knowledge and experience,
promote together best practice and work towards shared
ambitions.”
The delegation will visit Chennai, Mumbai, Pune and Delhi. In
Chennai (13 – 14 April), the Lord Mayor’s meetings will include
showcasing the financial services opportunities for young Indian
entrepreneurs, a roundtable on the maritime sector and a visit to
the High Court.
In Mumbai (15 – 17 April), the Lord Mayor will hear an update on
the work of the City Advisory Council, speak at a workshop on the
UK’s experience of PPP and infrastructure financing and meet with
the Deputy Governor of the Reserve Bank of India, Dr. Rakesh Mohan.
He will also visit a partnership project between HSBC and a local
NGO.
The first ever visit by a Lord Mayor to Pune (17 – 18 April),
the ‘Oxford of India’, will include events to give firms practical
advice on how to raise capital in the City and identifying areas
where the UK can work with Indian firms to offer vocation and
professional qualifications.
The delegation’s visit concludes in Delhi (21 – 23 April) where
the Lord Mayor will meet with the Minister of Commerce &
Industry, the Minister of Finance, the Law Minister and the
Planning Commission.
The delegation includes representatives from major investment
banks, law firms, insurers, accountancy firms, shipping firms and
exchanges. The visit has been supported by the Foreign and
Commonwealth Office and UK Trade & Investment.
Ends
Notes to Editors:
The City of London is the world’s leading international financial
and business services centre – an industry that within the UK
accounts for 1.3 million jobs and 26% of the corporate tax
take.
As its elected head, the Lord Mayor spends around 100 days a
year abroad, travelling to 23 countries as the ambassador for
UK-based international financial services. Lord Mayor Lewis is
former senior partner of the international law firm Norton
Rose.
Key facts on City of London:
- UK financial and business services account for 14.5% of
GDP
- 34% of the global foreign exchange turnover in London (more
than New York and Tokyo combined)
- 90% of world trade in metals, 23% of world aviation insurance,
25% of all marine insurance, almost 50% of all ship brokering in
London
- London has the most liquid financial markets and is
internationally-owned, internationally staffed and internationally
managed
- 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
- 700 foreign companies from 70 countries are listed on the
London Stock Exchange
- London’s international experience – it has the most foreign
banks of any financial centre: 252 compared to New York’s 228 and
217 in Paris.
The Lord Mayor
The Lord Mayor is the annually-elected head of the City of London
Corporation which provides local government services for the Square
Mile, the financial and commercial heart of the UK, and which is
committed to representing the interests of the business City as the
world's leading international financial and business centre through
its policies and services. It is also responsible for the security
of the Square Mile business district and its Lord Mayor works with
the City of London, UKTI and HM Treasury work to promote UK
financial services.
Press enquiries:
Giles French, City of London
Tel +44 20 7332 1758 or +44 7879 888317
Email
giles.french@cityoflondon.gov.uk