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Food processing sector to play a role in Indo-UK trade
Our Bureau
Date of posting: 11-01-11
      Food processing is a key sector to boost Indo-UK trade and achieve the target of USD 24 billion bilateral trade by 2015. This was suggested in a recent FICCI Survey on “India-UK-Partnering for Growth”.

      Indo-UK trade has increased steadily over the past five years. From USD 8.9 billion in 2005-06, the total trade volume increased to USD 10.6 billion in 2009-10. India seeks to double its bilateral trade with the UK to USD 24 billion in the next five years.

      The survey, based on the views of top-level executives, highlights that the bilateral trade and investment relation could receive a major fillip if the challenges faced by Indian and British companies in doing business are expeditiously addressed. As other surveys earlier, the survey lists the usual bottlenecks for trade and investment, like government regulations, state and local approvals, effect of taxation, IPR protection,and several expatriate issues, such as ease of obtaining business related visa.

      It also outlines market opportunities in India which could be tapped by UK companies for a fruitful partnership, like the tropical climate in India which favours cultivation of several food and flower crops; the high domestic demand due to growth in household consumption; Sixty fully equipped Agri Export Zones (AEZs), in addition to food parks, should facilitate the attraction of foreign investment.

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