LONDON, May 8: In a bid to stem the falling rate of growth of exports and imports with India, the British Department of Trade and Industry (DTI) has initiated a fresh set of initiatives. These include including India in its top 12 key world markets, appointing five dedicated export promoters, seconded from industry and commerce to India, and increasing the budget allocation from India-related trade initiatives.Recent statistics calculated by the DTI show that exports from the UK to India have had a sharp negative growth of nearly 30 per cent.
Imports from India, too, have dipped but not as heavily. Data tabulated in February 1998 shows that imports have slowed down by only three per cent. That the UK has lost its position as the principal European trading partner for India was reflected even in the 1994 trade statistics where Germany had overtaken the UK.
However, it is the consistent negative growth in its exports to India which has spurred the British government to include India in its list of 12priority nations.
This also means that the DTI would be revising its money allocations for India substantially. A senior DTI official said that India did have a slug of cash which is much more than what was being allocated to programmes for other priority countries. The final budget revisions are yet to be announced officially.
Meanwhile, the appointed export promoters have been assigned the task to guide UK companies into growth markets in India. The sectors identified for the export promotion strategy include general manufacturing and automotives, infrastructure, aerospace, electrical equipment, telecommunications and oil and gas.
Also included are new sectors like environment, agro-foods, healthcare, packaging and printing, paper and building materials.
Speaking to The Financial Express, Professor Lucian Gill, who heads the environmental industry initiatives, said that British exports have suffered in India and the government is keen to regain its position as India's top tradingpartner.
The DTI would be executing all its initiatives through the Indo-British Partnership (IBP) desk in London.
The IBP has designed a comprehensive campaign of events all over India to do trade promotion activities. These events would be organised for various British trade associations and chambers of commerce while the IBP would also serve as a guide to new investors in India for a charge.
While no definite goals and targets are being revealed, this initiative is meant for making a quantitative difference to UK's trade statistics with regard to India. A DTI official added that the department wants results with substance and not just high profile diplomatic exercises. In fact, the delivery arm for the UK's trade efforts is to be its foreign office inIndia. According to Dominic Meiklejohn, India desk officer (South Asia department), foreign and commonwealth office, nearly 80 per cent of the office's efforts would now be concentrated on increasing trade and commerce between the two countries.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.