UK companies should set up shop in Goa: meet

NT NETWORK
Posted on 2008-09-27
PANAJI- The Indian-UK Business Promotion interaction organised by the British Business Group, Goa on Monday observed that Goa is a vibrant, investor-friendly state, and can help the UK-based companies to set up and run their units successfully.
Mr Lester Pinto, the managing director of Betts India Pvt Ltd, a company having its roots in the UK, said the unit of the company based in Verna industrial estate started its toothpaste production operations in the year 1997, and the company group’s largest one-time investment of Rs 90 crore is in Goa.
We chose Goa to set up our unit because the state is closer to customers, with proximity to a port and southern as well as western markets, has good education system and culture which in certain ways is closer to the western culture, and has accessible government as compared to rest of the Indian states, he informed, pointing out that the Verna industrial estate is a trouble-free area and has no labour problems.
“However, a British company coming to Goa/ India should understand local markets and issues,” Mr Pinto observed.
He said that if a company has no investment in India and Asia, the company is not growing.
The vice-president and head global CS of the Tata Consultancy Services, Mr Pankaj Baliga, who represented an Indian investment company in the UK, stated that the TCS has delivery centre, innovation laboratory as well as centre of excellence in UK with around 5,000 employees.
“Though UK is an advanced economy in its outlook towards global sourcing of IT and technology, uses the best globally available technology and has cultural and linguistic affinity, it’s lack of IT skills, currently as well as in the future, are a matter of concern,” Mr Baliga observed, adding that the cost of living in UK is very high. “Furthermore, carrying out business in UK is highly competitive, especially in financial services sector,” he noted.
The deputy director of UK Trade and Investment (western India), Mr Eddie Malone, in his presentation said the UKTI is a government organisation that helps the companies seek out new markets and seize new opportunities, besides providing free and confidential advice to India companies looking for investment in the UK, including introduction to the investment community.
Informing about investment related schemes in the UK such as R&D, City of London and Global Partnerships, Mr Malone said the inflation rate of UK is currently the lowest in 30 years, while the employment rate of the country is highest in 40 years. UK is the world’s 5th largest economy, he maintained.
“Furthermore, flexible labour markets, relatively light taxation and transparency of business-government interface are the additional advantages,” Mr Malone informed.
The future economic prosperity will only come from UK companies exploring opportunities overseas, Mr Malone concluded.
The chairperson of the British Business Group - Goa, Ms Beryl Nasse introduced the Group, while Mr D Kumar Pillai welcomed. The vice-chairperson of the Group, Mr Yatin Kakodkar introduced the guests.