India and the United Kingdom are on course to hit the target of doubling trade by 2015, the visiting UK Foreign Secretary of State for Foreign and Commonwealth Affairs, William Hague, said on Thursday.
“Since 2010, our partnership has truly become stronger, wider and deeper. British companies are leading and investing in key sectors. The two largest foreign investments into India are British – Vodafone and BP. This is a two-way process. Indian companies have chosen to invest more in the UK than in the European Union,” Hague told the media after a meeting with External Affairs Minister Salman Khurshid.
Pointing out that India had now become the third largest investor in the UK, Khurshid said there were 700 Indian companies there.
“Trade and investment is the most important plank of our growing bilateral relationship. Security and defence form an important part of the relations. Cyber security has been added to the list,” he said.
On the UK Government plans of providing aid to India after 2015, Hague said “I think that both Governments are agreed on the way forward. The International Development Secretary will make a statement on this in the near future. You will not have long to wait to hear as to how we intend proceed”.
Khurshid said the two Ministers discussed trade and investment co-operation at international, bilateral and multilateral levels.
“Aid is the past and trade is the future. We are looking at the future,” he said.
ashwini.phadnis@thehindu.co.in