Manufacturers urged to seek joint ventures in India

If governments succumbed to pressure – always stronger during a downturn – for the imposition of trade barriers or other protectionism, “we could turn a global downturn into something deeper, longer and therefore significantly worse,” he said. The minister reminded India that Europe was its biggest market and that Europe and the UK could be a source for the industrial goods that would drive India's own manufacturing boom. “In particular I am keen to encourage UK manufacturing companies to look for joint ventures and opportunities in India's growing industrial sector and higher up the value chain,” Lord Mandelson went on. He said that through UKTI (UK Trade and Invest), four private sector specialists in ICT, life sciences, energy and advanced engineering were being recruited to work with India based companies to identify opportunities for UK businesses in these areas. He also said he wanted “to give UK companies a chance to benefit from exposure to India's embrace of the low carbon agenda. We both want to make sure that globalization's benefits extend to the man in the Nano as much as the man in the Jag … and perhaps most importantly, to the man and woman who can't yet afford either.” He concluded: “We have to address all these things. I profoundly believe we have no choice.”