In­dian in­vest­ments in UK up 321% last year

Hindustan Times (Ranchi) - - Business - Pra­sun Son­walkar pra­[email protected]­dus­tan­times.com ■

LON­DON: In­dus­try analy­ses sug­gest that In­dian and other com­pa­nies have held back on ex­pan­sion or de­ferred open­ing new of­fices in the UK due to un­cer­tainty over Brexit, but new of­fi­cial fig­ures show that In­dian in­vest­ment was up 321% in the past year.

The fig­ures from the Of­fice for Na­tional Statis­tics show stocks from across Asia have in­creased by more than 33% in 2017 to £128 bil­lion, and stocks from Ja­pan in­creased by 71% to £78 bil­lion.

“The great­est growth from any coun­try has come from In­dian in­vestors, ris­ing 321% to £8 bil­lion,” the depart­ment for In­ter­na­tional Trade said.

The UK is due to leave the Euro­pean Union on March 29, 2019. To­tal trade in goods and ser­vices (ie, ex­ports plus im­ports) be­tween the UK and In­dia was £19.6 bil­lion in year to end 2018 Q2, a 20.0% in­crease from year to end 2017 Q2. In year to end 2018 Q2, UK ex­ports to In­dia amounted to £7.9 bil­lion (a 27.9% in­crease from year to end 2017 Q2) while the UK’s im­ports from In­dia were £11.7 bil­lion (a 15.1% in­crease from year to end 2017 Q2).

“This means the UK re­ported a trade deficit with In­dia of £3.8 bil­lion, com­pared to a trade deficit of £3.9bn in year to end 2017 Q2,” the depart­ment said.

Of the UK’s ex­ports to In­dia in year to end 2018 Q2, £5.2 bil­lion (65.7%) were goods and £2.7 bil­lion (34.3%) were ser­vices. Of the UK’s im­ports from In­dia in year to end 2018 Q2, £7.8 bil­lion (66.9%) were goods and £3.9 bil­lion (33.1%) were ser­vices.

In year to end 2018 Q2, In­dia was the UK’s 16th largest trad­ing part­ner (ac­count­ing for 1.5% of to­tal trade), the 20th largest ex­port mar­ket (ac­count­ing for 1.2% of all UK ex­ports), and the 14th largest im­port mar­ket (ac­count­ing for 1.8% of all UK im­ports). In­ter­na­tional trade sec­re­tary Liam Fox said: “As we pre­pare to leave the EU, for­eign in­vestors from around the globe are as con­fi­dent as ever in­vest­ing in the UK. “The sig­nif­i­cant rise in the amount of in­vest­ment from Asia is ev­i­dence that the grow­ing economies are im­por­tant part­ners for the UK, re­la­tion­ships which I am com­mit­ted to de­vel­op­ing and deep­en­ing.”

Over­all, the value of the UK’s FDI stocks in­creased by £12.6% to £1,337 bil­lion in 2017, com­pared with the pre­vi­ous year.

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