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British insurers to commence operations in India in 2001

Four British insurance firms -- Royal Sun Alliance, Standard, Prudential and Commercial General Union -- would commence operations in India early 2001.

The companies have already initiated the process with their respective joint venture partners in India, Sir Rob Young, British High Commissioner to India said on Wednesday in New Delhi.

''The firms have been here for some time now waiting for the green light. Now with the Insurance Regulatory and Development Authority Bill having been passed by Parliament, the ventures would finally see the light of the day,'' he added.

British entrepreneurs, Sir Rob said, are bullish on India, and are targeting agro, food processing and environment technology industries. They are also keen on assisting India in the privatisation process of the public sector.

''We have held a lot of discussions with the Divestment Commission and wherever there is a scope for sharing of experience with the government of India, we will be happy to do it.''

In a bid to boost cooperation and tie-ups between the small and medium enterprises of both the countries, Stephen Byers, secretary of state for trade and industry, would be visiting India tomorrow. As part of his six-day visit to the country, two agreements would be signed between the private sector of India and Britain.

''The key aim is to assist SMEs from Britain to find the right contacts in India and increase collaborations and joint ventures between them. We will initially concentrate on a handful of states like Andhra Pradesh and Gujarat and then go on to others.''

During his visit, Byers would hold meetings with Finance Minister Yashwant Sinha, Commerce and Industry Minister Murasoli Maran, External Affairs Minister Jaswant Singh and Leader of Opposition Sonia Gandhi.

Since the launch of the Indo-British partnership, two-way trade in goods and services between the UK and India has increased dramatically, and is now worth over four billion pounds (Rs 280 billion ) a year.

''The UK and India have much in common. We are both trading nations with an entrepreneurial culture, and an eagerness to embrace innovation. In the last decade we have seen huge increases in bilateral trade and investment and we look forward to seeing further dramatic growth in the future. British Trade International is working very closely with our Indian partners to achieve this, pinpointing opportunities for British firms,'' Sir Rob said.

UNI

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