UK views Indian biotech sector as a potential area for investments
21 July 2003
Mumbai: The United Kingdom has identified the Indian biotech sector as a potential area for investments.
Invest-UK, the British government agency for promoting bilateral trade and the UK as a favoured investment location, has formed a committee to study the Indian biotech industry and its investment potential.
Says Invest-UK assistant director (inward investment) Steve Firstbrook: "After IT and software, we have identified biotechnology as one the ideal segments for investments in India. We have already commissioned a study on the Indian biotech sector. We will take a decision after evaluating the study report."
He adds that Invest-UK has identified the pharmaceuticals and telecom sectors as the third and fourth priority areas for investments in India. "Indian business sectors view the UK as the gateway to the European market. Latest figures complied by Invest-UK suggest there are some 441 Indian companies with a base in the UK. Of these, over 338 are in the information, communication and software sectors."
the last three financial years, 40 per cent of the Indian
investment overseas has been into Europe. Of these investments,
60 per cent has been to the UK, three times more than
the nearest competitor," says Firstbrook.