After US$46m investment in India, Revolut to launch bespoke financial products
Trade is a fundamental driver of growth and India will be an important partner and market as the UK looks to escape stagflation, attract skilled labour and deliver on the green transition, says Andy Burwell, International Director at the Confederation of British Industry.
“The UK-India FTA remains a top priority for industry. We applaud the Secretary of State and Prime Minister for listening and prioritising substance over pace,” as companies from the UK plans out expansion into the Indian market,” said Burwell at the 6th Round of India-UK FTA negotiations is presently underway in New Delhi.
British banking services app Revolut has created more than 300 Indian jobs and plan to create hundreds more in the coming years, said the British High Commission in a release on 12 Dec 2022.
After investing US$46 million in India, Revolut recently opened its Indian head office in Bengaluru and aims to launch bespoke financial products, many of which would be new to the country, it said
Also, Tide, the UK’s leading SME-focused business financial platform, has announced the launch of the Tide app, its market entry product in India in December 2022.
The launch is part of Tide’s expansion strategy, and India represents the company’s first international market.
British coffee and sandwich retailer Pret will open its first branch in India early in 2023 following a franchise partnership with Reliance Brands. Mumbai will be the chain’s first branch, as part of a plan to open 100 outlets across the country.
Pano Christou, CEO, Pret A Manger, said: “Bringing Pret’s freshly made food and organic coffee to more people around the world is a key part of our transformation strategy, and I’m delighted to be launching Pret in India.
“With strong demand for fresh food and new dining experiences, we see an exciting opportunity to grow the Pret brand across India while also adding something truly unique to its food-to-go market,” Christou said.
Businesses like these could benefit from a reduction in red tape, more affordable cross-border trade, and increased opportunities to work with Indian companies and suppliers, thanks to the Free Trade Agreement, said the High Commission.
Commenting on the FTA negotiations, Secretary of State for International Trade Kemi Badenoch said, “Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I’m excited about the opportunities we can create for British business.
“India and the UK are the 5th and 6th biggest economies in the world. We have a long-shared history, and are in pole position to do a deal that will create jobs, encourage growth and boost our £29 billion trading relationship.”
Strong growth in the Indian economy is expected to boost UK exports to India by over £9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship.
Commerce and Industry Minister Piyush Goyal and Badenoch have discussed India-UK FTA negotiations at the sixth round in Delhi.
Discussions were carried out on the India-UK FTA negotiations and the range of bilateral trade and economic relations, the Ministry for Commerce and Industry said on 13 Dec 2022.
Both Ministers reaffirmed their commitment to the ongoing India-UK FTA negotiations which would unlock the full potential of boosting jobs, investments and exports between the two countries.
While expressing satisfaction on the state of negotiations, it was agreed that the negotiations will continue further, aiming for conclusion at the earliest.
The Ministers urged the negotiating team to work together with an aim to iron out the differences in the spirit of mutual accommodation based on the principle of reciprocity and respect for each other’s sensitivities, for a balanced, mutually beneficial, fair and equitable outcome.
Following the bilateral meeting, the two ministers interacted with businesses from India and the UK.
Goyal elaborated, “India and UK investment and economic relations are already strong and grown over the years. India has adopted an export-led strategy to spin its growth story which is inclusive and sustainable.” fiinews.com
