"Window of opportunity" in India for North-East firms (From The Northern Echo)

"Window of opportunity" in India for North-East firms

8:00am Friday 17th February 2012 in North-East Business News By Owen McAteer

NORTH-East firms need to seize a window of opportunity to export goods and services to India, a leading expert on the region said yesterday.

Richard Heald, chief executive of the UK India Business Council (UKIBC) was speaking during a fact-finding mission to the North-East yesterday.

Mr Heald, accompanied by former trade and industry minister Patricia Hewitt, met with North-East business leaders during the trip, which was also aimed at increasing awareness of the opportunities for firms in the region.

Of the nine English regions, the North-East is ranked bottom in terms of the value of its exports to India, so the UKIBC believed the region was potentially missing out on export opportunities.

Mr Heald said there was often a presumption that the fast growing Indian economy would be at the front of the mind of manufacturers and the corporate world, but that wasnt always the case.

"India is growing incredibly fast, it has an economy that is predicted to be the second or third largest in the world in 40 odd years", he said.

"It will surpass the UK shortly and people really have to seize the opportunity that is available at this moment.

"That opportunity won't be there for ever and a day, because at some point Indias industry will grow and supply its needs, it is a window of opportunity."

The visit comes ahead of a conference in Manchester next month, organised by the UKIBC, which aims to build links between British and Indian firms.