As the Asian economy recovers faster than that of Europe and the US, and as more Asian economies develop into middle-income countries, intra-Asian trade will be a key driver of trade growth in India. China is forecast to increase in importance as an export market, with the rapidly emerging Vietnamese economy also climbing up its importance of trade partners. Europe, the Middle East and North Africa are currently the largest exporters to India with no change in the long term. One fifth of imports into India will originate from the Middle East and North Africa in 10 years time, with growth both supply-chain and commodity-driven.
Opportunities for UK businesses
The Indian infrastructure sector continues to offer great opportunity for UK businesses. The automobile industry in India is one of the fastest-growing worldwide with India predicted to be among the top five vehicle producers by 2014. The industry has witnessed an influx of global equipment manufacturers, who are setting up their manufacturing bases in the country. Sectors of opportunity for UK companies include: agribusiness, biotechnology, pharmaceuticals and healthcare.
Visit Export Britain for more information and to find support in this market.