Indian Mission Wins Orders and Investment
Orders from India worth more than £2 million for firms in Bridgend and Carmarthenshire are likely to be the immediate results of last week's Welsh trade mission to India.
A series of inward investments by Indian companies - including a project to create 150 jobs in the south Wales valleys - are also being discussed, and the Federation of Indian Chambers of Commerce and Industry agreed during talks with the Mission to work with the Welsh Assembly Government to stage an 'India in Wales' week in 2009.
Deputy First Minister Ieuan Wyn Jones, who led the Mission, said today that the six day series of meetings with Indian companies and government officials in Mumbai and New Delhi had been hugely successful.
"I was proud to lead a delegation of Welsh companies and Higher Education College representatives, each one of them eager to do business in India."
Initial reports from the trade missioners have been very positive in sectors as diverse as biotechnology and pharmaceuticals, construction, further education, civil engineering and the creative industries.
Among the earliest reported outcomes of the Mission, an initial order worth £150,000 was secured by EPS Steels (UK) of Bridgend - with significant opportunity for more.
Carmarthenshire-based SAL Consultants have been asked to submit an overview of the costs of building a new cargo hub in India, together with an outline plan of the proposed airfield capable of handling fourteen Boeing 747s on the main apron. The company intends revisiting Mumbai in early January to discuss this project further. The potential benefit to the company should be of the order of £1 million taking into account the further development stages that would be required.
Teddington Engineered Solutions of Llanelli report they are close to securing a £1 million contract over the next two years and that they have received enquiries that could lead to further, valuable deals.
The Mission also renewed key contacts with Indian companies already located in Wales and established important links with companies showing an interest in investing here.
Mr. Jones, the Assembly Government's Cabinet Minister for the Economy and Transport, met Tata Steel, Wockhardt and Bilcare, companies that have already invested in Wales - and held talks with a number of Indian companies on the cusp of investing in Europe.
He said today: "I am confident that, in the months ahead, there will be further orders from India for goods and services from Wales - and new investment in Wales by companies from India.
"Also, in terms of Higher Education, there is no doubt that we can now establish key links between the sector in Wales and companies in India. Most of the companies I spoke with during the visit were enthusiastic about pursuing research and development projects with Welsh Universities. The opportunities are now there, the challenge for us is to use them and make them work for the Welsh economy."
The Minister met with senior representatives from Tata Steel, the new owners of Corus Group plc, which has eight sites across Wales.
"I held constructive discussions with the Group’s Chief Finance Officer and Executive Director and we have agreed to work together in a number of areas including opportunities for links with academia, cutting edge technology development and technology transfer. This is a Group that offers significant promise for Wales in a number of areas and I am determined that we will capitalise on all of them."
Mr. Jones also held advanced talks with a company seeking to establish a facility in south Wales, which is expected to secure in excess of 150 jobs.
Meanwhile, a representative of Newport - based Cintec International, which manufactures unique anchoring systems to strengthen historic buildings, joined the Deputy First Minister in a meeting with the Indian Secretary for Tourism. Cintec's Peter James said ‘Had it not been for the trade mission and the introduction made by the Deputy First Minister, we would not have met the Secretary for Tourism. This was a vital introduction that has enormously improved our prospects of winning business in India. We aim to capitalise on that.’
Mr. Jones said:" Wales, through the Assembly Government's overseas investment arm, International Business Wales, is increasing its presence in India with an enhanced office in Bangalore and a new office in Mumbai expected to be opened in January next year. We are also planning another trade mission for 2008/9 such was the success of this latest visit."
"I am also pleased to announce that the Federation of Indian Chambers of Commerce and Industry will join us here in Wales in 2009 for an India in Wales Week, a further demonstration of the depth and strength of the relationship that we have been able to establish in this important market."
