Back Wales seeks investments from India
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New Delhi, Nov 26 Wales is investing millions of pounds to help incoming companies increase profitability, find the right locations and develop their people and products, said the Welsh Minister for Economy and Transport, Mr Ieuan Wyn Jones, to woo Indian companies to set up base in the country. Mr Jones is in India for a week as part of the International Business Wales (IBW) delegation to explore trade between India and Wales.
IBW, the Welsh Assembly Government’s trade and investment arm, that acts as the driving force in establishing alliances between companies in Wales and their counterparts overseas, is scouting for investments in the region.
On Wales as a profitable place for Indian businesses to set up their European headquarters, Mr Jones said, “Wales is a dynamic fast moving country with international players and established infrastructure in sectors such as ICT, automotive, business services, creative services and bio-pharma.”
On the advantages of setting up their offices in Wales, Mr Jones said, that urban office space is available at 25 per cent cheaper costs than in London, which is only two hours from the Welsh capital city Cardiff. Also, the country is well connected with ports and has a team of loyal, well skilled workforce that can help Indian companies cut down on their attrition costs.
Amongst the Indian companies that already have a presence in Wales are the Tatas and Wockhardt. In fact Bilcare, a Pune-based pharma packaging company is set to expand its presence in the country with the setting up of an additional unit for 11 million pounds. Also, the IBW is in the process of opening an office in Mumbai, after its already established presence in Bangalore by January 2008. Mr Jones said, “To have an adequate workforce of our IBW representatives in India, we are shutting down our offices in the other parts of the world.”
Besides, Mr Jones is accompanied by a group of 20 Welsh companies from biosciences, finance, pharmaceuticals, auto and creative (film and animation) industry to seek opportunities of investing or collaborating through joint ventures with Indian counterparts.
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