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India, UK to set up 200 joint ventures

India and Britain today decided to set up 200 joint ventures in small and medium scale sectors and set a 5-billion pound target for bilateral trade over the next two years.

This was decided at the first meeting of the Indo-UK Round Table in New Delhi. The two sides took a number of measures for enhancing and deepening commercial and political cooperation.

The joint ventures would help exploit opportunities in the rapidly expanding global knowledge economy.

The two-day meet, which was inaugurated by Indian External Affairs Minister Jaswant Singh and British Foreign Secretary Robin Cook, identified information technology, biotechnology and traditional industries as main areas for enhanced cooperation.

The Round Table was co-chaired by Deputy Chairman of the Planning Commission K C Pant and Lord Swraj Paul.

Pant and Lord Paul said the meeting covered a range of issues, including trade and commerce, information technology, energy infrastructure, and science and technology.

The interesting and important ideas and suggestions that emerged from the first meeting of the India-UK Round Table include:

• Promoting India as a promising destination for British investment in the information technology sector and encouraging joint ventures to exploit opportunities in the rapidly expanding global knowledge economy. If need be, short orientation courses for chief executive officers of infotech companies could be organised in both countries;
  
• Sharing experiences of tackling the social issues stemming from economic development;
  
• Learning from each other's experiences in the field of privatisation and setting up of regulatory authorities;
  
• Increasing the number of scholarships for students and faculty members of both countries;
  
• Establishing linkages between Indian and British universities;
  
• Creating a database of the opportunities for 'marrying' Indian and British companies in the IT sector through a joint Web site with links to other relevant Web sites;
  
• Creating chairs for Indian studies, in British universities, recognising the huge unfulfilled demand for such courses, and for that purpose explore private and public sources of funding;
  
• Exploring possibilities of British companies sponsoring research and development in Indian scientific institutions and Indian companies sponsoring research and development in British institutions;
  
• Compiling a list of companies and foundations already offering such services;
  
• Encouraging UK business schools to include in their case studies examples of successful entrepreneurial activities by Indian companies, especially in the IT sector;
  
• Encouraging Indian companies to seek listing on the London Stock Exchange; and
  
• Promoting cultural exchanges, media contacts and tourism between the two countries.

The second meeting of the Round Table will be held in the UK on October 9-10, 2000.

UNI

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