The City of London Corporation's Policy Chair Catherine McGuinness believes the future of India-UK ties looks “rosy”. Brexit, she assures, would in no way hamper the relations that “continue to blossom”.
“The UK and India already have strong ties. We have been the top G20 investor in India over the last 10 years, and bilateral trade stands at over £20 billion,” said McGuinness in a recent interview to The Hindu BusinessLine. “I don’t think Brexit can dampen anything in this story.”
McGuinness, who was on a two-day visit to India, said the country was “in a really exciting place”, thanks to some of the reform measures initiated by the Modi government, especially the changes in the “insolvency regime”.
The India-UK ties could get only stronger with steady government support from both sides, she said. Work, she elaborated, was already underway “through the ongoing UK-India Joint Trade Review, the only one of its kind the UK has with any other country, and one which will lay the framework for the future trade partnership”.
She also pointed to the Joint Economic and Trade Committee looking at strategic economic ties, and the Economic and Financial Dialogue, focusing on trade and investment relations.
“Add to this mix,” she said, “the commitment by Prime Minister Boris Johnson to making India one of his first destinations for an overseas visit following his re-election, and the future looks rather rosy for us both.”
Things looked brighter and there was “a lot more certainty” than there was, as both India and UK were having governments with strong majorities, she opined. “… I am sure there will be a post-Brexit trade deal between India and the UK, but do remember these things take time.”
McGuinness said there was plenty of scope for enhancing ties in the green financing sector, “looking at the opportunities for investors through London to invest in green infrastructure projects here [Indian]”.
On the issue of immigration, she said the UK would “remain open to international talent”, and termed the increase in work and student visa applications from India “great”.
“We have seen significantly more work visas given to Indians in the last year than any other country―we had more than 50,000 work visas last year,” she highlighted. “The next highest is the US with around 10,000. That's really staggering.”
Talking of Brexit’s impact on London as a global financial centre, McGuinness said “it will remain so long into the future”. Brexit meant there was “more business to be done”, she added.
“I would send a strong message of reassurance and confidence: We are not just about EU-facing business. There is a whole world besides.”
