The Hindu : Tamil Nadu / Chennai News : Lord Mayor of London in Chennai to woo business

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Monday, Apr 14, 2008
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Tamil Nadu

Tamil Nadu - Chennai

Lord Mayor of London in Chennai to woo business

Special Correspondent

CHENNAI: The biggest ever business delegation from the United Kingdom to India, led by the Lord Mayor of London, is currently in the city on a two-day visit to explore business partnerships with local firms.

Around 50 representatives of banks, law firms, insurance companies and even maritime organisations from London, the heart of the U.K.’s financial economy, will engage with local businesses and government representatives to discuss possible investment opportunities and avenues for co-operation. London accounts for 34 per cent of the world’s foreign exchange turnover and 90 per cent of the world trade in metals.

“Chennai is the first port of call, and that is not an accident,” David Lewis, Lord Mayor of London, said. (The Lord Mayor of London is the head of the City of London Corporation, the primary municipal governing body for the city. The Mayor of London, Ken Livingstone, governs Greater London.)

Biggest delegation

“This is the biggest ever delegation we have brought to India,” he said. “India is an incredibly important market, and we would like to explore how we can help each other.”

Mr. Lewis said the two countries currently enjoyed a trade relationship of £nine billion. “The U.K. is the second largest investor in India after the United States, and India is the single largest investor in the European Union.”

To further the relationship in maritime trade, Mr. Lewis will address the Institute of Chartered Shipbrokers and a number of maritime businesses on Monday.

Mr. Lewis’ visit is a follow-up to British Prime Minister Gordon Brown’s visit last January. Since then, 26 Indian companies had come up with proposals to explore investment opportunities in the U.K., and two deals were “close” to being announced, Sharon Brown, Chief Executive of the U.K. India Business Council, said. On Monday, the council will host an event for young entrepreneurs in Chennai to highlight opportunities in the U.K. and will also engage with institutions such as the Indian Institute of Technology and science departments of universities to develop relationships in intellectual property.

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