UK-India bilateral relationship has strong potential: Fox

Mumbai, Aug 30 (PTI) Bilateral relationship betweenthe UK and India has the potential to become a strongerpartnership, particularly in trade and investment, UK’sSecretary of State for International Trade Liam Fox said heretoday. "A more open economy means a greater two-way flow ofinvestment, both fuelling an increased capacity in theindustrial base and opening the way to greater exportpotential. "Do you think that the UK would be one of the topthree car exporters in Europe without Indian investment?..Ofcourse not," Fox said while addressing a gathering of businessleaders. The great joy about an open trading relationship is asit can be genuinely win-win, he added. "It’s fundamental that we do all we can to strengthenthese ties and create a future built on increased trading andeconomic prosperity for all our citizens," he added. He said both India and UK are embarking on excitingjourneys, as the UK is forging a new path outside the EU andIndia’s pro-business government is starting to herald a neweconomic dawn. In his keynote address to Mumbai’s business communityat the Piramal Tower, Fox underscored the UK’s place in theglobal economy post EU referendum and assured the country’ssupport to Indian businesses. Fox met with influential Indian business leaders,including Kotak Bank Vice-Chairman Uday Kotak and PiramalGroup Chairman Ajay Piramal, to emphasise that the UK is openfor business and will continue to thrive on the world stage. During his visit to Mumbai, the Secretary of Statealso attended the soft launch of the India-UK TECH SummitFintech Hackathon at the Barclays Rise accelerator. The UK is the country partner for the TECH Summit,which will showcase British expertise in innovation,technology and skills. This is the fourth visit by a British minister toIndia since Theresa May took over as Prime Minister. Earlierthis month, British Secretary of State for Business and EnergyGreg Clark and Secretary of State for InternationalDevelopment Priti Patel visited India. PTI AP NSK ABMPTP