Businesses Urged To Look East

Around 30 companies - including those involved in the construction sector - have taken part in an Invest Northern Ireland workshop to help them explore business opportunities in India.

The event, in Belfast, related that the sub continent is one of the world's most dynamic markets.

The companies heard detailed presentations from Invest NI's two experienced trade advisers in India, Tarun Gupta of T&A Trade Solutions and K Shankar of Feedback Consulting, both based in Mumbai, India's commercial centre.

The seminar focused on opportunities in the construction and associated sectors.

The trade advisers also provided one-to-one advice to companies attending the seminar at Invest NI's Belfast offices.

The event was chaired by Barry Clarke, Invest NI's Senior Vice President, India, who is based at the Invest NI Trade and Investment office in Mumbai. A similar event was also held in Magherafelt.

"The Indian economy is now expected to grow by around six per cent this year, well ahead of projections for other global economies.

"It's an exuberant and dynamic nation, the world's biggest democracy, that's being driven by a young population - more than 70% is below 35 years - a government committed to economic growth through sustained investment in infrastructure, and successful industries such as IT, biotechnology and engineering.

"Sustained economic growth rates of more than 8% and a massive domestic market of 1.2 billion people have resulted in a growing recognition of the country as an emerging economic powerhouse, second only to China.

"This growth is providing substantial opportunities to Northern Ireland companies across a broad range of sectors," he said.

He urged local companies to take the opportunity provided by an Invest NI trade mission to Mumbai and Bangalore in September to explore the Indian market.

(BMcc/JM)