NEW DELHI: Invest India and UK India Business Council (UKIBC) have signed an agreement under which British businessmen would get information on investment opportunities and regulatory environment in India.
Invest India, set up as a joint venture between FICCI, the DIPP and state governments, is an official agency which provides sector-specific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services.
The MoU regarding this was signed in London on Tuesday by Ficci Secretary General Didar Singh and India and UKIBC Chair Patricia Hewitt in the presence of Commerce and Industry Minister Anand Sharma.
"In terms of the MoU, the UKIBC will organise and host briefings by the DIPP, Invest India and other authorities on policy developments that are of relevance to British businesses in India," Ficci said in a statement.
The Department of Industrial Policy and Promotion (DIPP), under the Commerce and Industry Ministry, deals with FDI related issues.
The UKIBC would work with DIPP and Invest India to hold periodic meetings between Indian and UK government officials, private sector experts.
Invest India will also help the UKIBC to build relations with state governments, it said adding the UKIBC will provide Invest India information about British companies seeking to invest in India.
"I believe this MoU will help British companies, especially SMEs, not only to get frequent and timely updates on Indian policy and regulations, but also develop confidence in their ability to operate and succeed in India," Hewitt said.
The bilateral trade between the two countries stood at $ 15.16 billion in 2012-13 compared to $ 16.25 billion in the previous fiscal. On the other hand, India has received FDI worth $ 17.54 billion from Britain during April 2000 and March 2013.