16 October 2009
City of London strengthens ties with India
The Lord Mayor of the City of London Ian Luder is leading a
substantial business delegation to India (19-23 October), and will
be visiting Hyderabad, Mumbai and Delhi. The aim of the visit is to
further strengthen links between the UK and India.
The programme for the visit includes meetings with key policy
makers, ministers, regulators and business leaders. He will also
speak at a major conference on financing India’s future growth, and
visit an HSBC microfinance project in a village near Hyderabad.
The Lord Mayor Ian Luder said: “India’s future as a leading
economy of the 21st century is certain and the City of London and
the UK as a whole would like to share in that future. On this visit
I will reassure Indian policy makers that the UK’s commitment to
India remains strong, that our companies want to do business in
India and that the City of London remains India’s natural partner
in global finance and business, despite the unprecedented events of
the last year. We are here for the long term.
“On the visit I will discuss how the City is still a dynamic
place to do business despite the financial crisis and how the
current crisis can be seen as an opportunity to develop
partnerships to foster future economic growth. Liberalising India’s
markets for financial and professional services can make a critical
contribution. I will also discuss with policy makers how global
cooperation on regulatory reform can best be harnessed to ensure
the financial turmoil that we have experienced over the last year
is not repeated, and how important it is to resist unilateral
action and fight protectionism wherever it occurs.
“I also hope to share the UK’s expertise in the area of
infrastructure finance. It is well documented that India has set a
target of investing $500bn in infrastructure investment. UK
companies are keen play a part in such projects but find the
process difficult and often unmanageable. On this visit I hope to
push for clearer guidelines, transparency and timelines in the
bidding process so that UK companies can help India reach its
targets.
The 29-strong business delegation includes senior
representatives of all the major financial services sectors:
banking, insurance, legal services and accountancy. Cass Business
School and the London Stock Exchange will also be represented.
On the visit the Lord Mayor will also discuss opportunities for
increased interaction in areas including insurance, banking and
legal services, as well sharing UK expertise for the development of
the Indian corporate debt market.
Ends
For further details please contact:
Susanna Howard, City of London Press Office
Email
susanna.howard@cityoflondon.gov.uk
Tel 020 7332 3450
About the City of London
The City of
London is one of the world’s leading international finance centres.
As head of the City of London Corporation, which provides business
and local government services to the City, the Lord Mayor of the
City of London's principal role is ambassador for all UK-based
financial and professional services. The Lord Mayor of London is
not the Mayor of (Greater) London.
About the Lord Mayor of the City of
London
The Lord Mayor is elected for one year and the position is unpaid
and apolitical. It is an exceptionally demanding role. The Lord
Mayor spends some 90 days abroad and addresses some 10,000 people
face-to-face each month (making around 800 speeches a year).
The Lord Mayor listens to City businesses and helps the City
Corporation advise the Government of the day on what is needed to
help the financial services sector to function well. The Lord Mayor
frequently travels to represent the City; and travels overseas with
the status of a Cabinet Minister. On average, the Lord Mayor will
meet one head of state a month and will meet a prime minister or
finance minister each week to discuss financial services, often in
conjunction with senior City business representatives. The Lord
Mayor, who is unpaid, lives in the Mansion House for the Mayoral
year.