London: India and China should be considered developed countries and the UK could benefit from engaging these two emerging economic powers through trade, investment and the sharing of ideas, British Ambassador for Overseas Business Lord Swraj Paul has said.
“The products they are making are competing with those of the developed countries and the people engaged in the manufacturing processes are on par with the developed nations in terms of skills and numbers,” the NRI industrialist said.
Lord Paul, who was addressing members of the Eton College Keynes Society on Britain’s Economic Relations with India and China, last evening said “for certain products, we in the developed countries are now dependent on India and China.”
He noted that both countries were enjoying their roles as global players, and “that is why they are keen for the Doha Round to go through while the developed countries are reluctant to see that happen.”
Observing that the investment climate in India is becoming more favourable, Lord Paul said India’s English-speaking, educated workforce has been a huge positive for foreign investors looking for good destinations to invest.
“India is likely the only large country where the size of the working population is expected to grow over the next 20 years.”
In addition to this demographic advantage, investment liberalization initiatives have recently made India a more attractive location for foreign direct investment.