Gareth Wynn Owen is the British Deputy High Commissioner to Telangana and Andhra Pradesh and he said that the UK is planning to double trade by 2030 with India. Their target is £70bn if Foreign Trade Agreement goes through. He was participating in a panel discussion related to the three topics of Economy: Trade, Technology, and Tourism. Jennifer Larson, US Consul General, Hyderabad and Orhan Yalman Okan, Consul General of Turkey as the panelists were also present there.
Gareth Wynn Owen talked about the country Indian diaspora in the UK as the largest ethnic minority community in the country. It also has 1.7 million British nationals of Indian origin. There are more than 3,00,000 NRls living in the UK which are equating to 2% of the UK Population. Their contribution is 6% of the country’s GDP.
British Deputy High Commissioner mentions that sixteen Indian-origin MPs in the UK Parliament are there and he is happy to work with one of the largest innovation campuses T-Hub and other incubators in Telangana.
The High Commissioner of the UK to India, Alexander Ellis CMG said “India has been one of the UK’s most important partners in the journey of 75 years. The ‘living bridge’ between our countries is set to transform into a stronger bond as we continue to fight the pandemic together and address the challenges to our security in both the physical and digital worlds. Our shared focus will be on strengthening the economic relationship between the two nations for a more secure and prosperous decade ahead.”
Orhan Yalman Okan said that both nationals have set a target of 20 billion USD. Turkey gained 46th position in FDI equity inflows into India with a FDI amount of US$ 216.11 million from April 2000-September 2022. Jennifer Larson said the UK set the target and is aiming at $500 bn by the year 2023.