26 November 2020
Categories: India
The value of trade with India for North West businesses hit £1bn for the first time last year, according to analysis from Deloitte.
Research from the business advisory firm, in partnership with the Manchester India Partnership, reveals that the total value of imports and exports involving companies from the country exceeded £1bn in 2019 compared to £887m in 2015.
Deloitte also found that both interest from Indian businesses in North West products and vice versa has "increased considerably" in recent years.
The study comes as the latest Foreign Direct Investment (FDI) figures reveal that India was the third most active investor in new projects in Greater Manchester between 2017 and 2020, behind Germany and the US.
The 15 schemes created 792 jobs.
Despite the ongoing Covid-19 pandemic, the region has continued its commitment to strengthening ties with India. Last month, Virgin Atlantic announced the launch of new direct flights to Mumbai and Delhi from Manchester Airport, starting from December and January respectively.
Jo Ahmed, global employer services partner at Deloitte in the North West, said:
"As these latest figures show, India has become a key trading partner for North West companies in recent years, overtaking some of the more established European markets.
"The opportunity for the region to export to India is now enormous, with British products often seen as best in class due to the heritage of our manufacturing expertise.
"However, we have also seen a greater number of investments made by Indian companies in North West infrastructure projects, adding significant value to the regional economy and further strengthening the relationship between the two locations.
"Looking beyond the current pandemic, as connectivity continues to improve, we expect to see more and more of the region’s businesses explore options to partner with India in the coming years."
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