London’s Lord Mayor to Advocate for Freer Capital Flows During Visit to India

The Lord Mayor of London is preparing to sell the message of free trade and deepen two-way capital flows in India during his week-long stay that begins on Saturday.

The 696th Lord Mayor and international ambassador of the City of London, Alderman Alastair King, will concentrate on negotiations pertaining to his theme of "Growth Unleashed" in Mumbai.

While on his visit, Alderman King will hold discussions with representatives of the British government trade and major Indian financial institutions, such as HDFC, State Bank of India (SBI), Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI).

The Lord Mayor informed PTI that the ambition of "Growth Unleashed" is to stimulate British firms to look to fast-growing economies like India, capture opportunities, and build on their operations. He stressed the need to engage with these markets.

The visit comes ahead of a planned visit by UK Business and Trade Secretary Jonathan Reynolds later this month when he will work on re-charging the India-UK Free Trade Agreement (FTA), which was suspended last year because of elections in both nations.

Alderman King welcomed the timing of his visit and said that though there had been a pause in pursuing the Free Trade Agreement, he was pleased with Minister Reynolds' upcoming trip. He added that, meantime, it was important to be talking about how the FTA will open opportunities for industries such as finance, law, and maritime services.

King stressed the increasing importance of the trade relationship between India and the UK, valued at approximately GBP 41 billion each year, particularly in the face of prevailing trade tensions and threat of tariffs from the United States. He highlighted that this balance makes it extremely important for the two nations to strengthen their focus on increasing trade and discover interesting opportunities in industries such as infrastructure, financial services, and legal services.

Emphasizing the prospects of higher capital flows between India and the UK, King regarded these trends as offering wonderful opportunities for both countries. He also mentioned that the City of London Corporation looks forward to seeing more Indian firms investing in the UK, making use of London's top-of-the-line financial services.

King, who has prior experience working in Mumbai’s infrastructure sector, observed that many Indians already consider London a second home. He expressed confidence in the long-term growth prospects for India, particularly as it becomes increasingly integrated into global trade. He also cited his previous experience in the container trade as an example of India’s expanding role in the world economy.

Lord Mayor's visits in Mumbai will lay emphasis on finance services, specially on smoothing transaction mechanisms in regard to investment safeguard and business facility.

King emphasized further that City of London counts 678,000 residents who contribute significantly toward its reputation of being the international financial hub globally. He added emphasis to winning the best personnel, including the Indians, as a measure toward sustaining and intensifying London's global competitiveness.