Buoyed by growing bilateral trade with India, Lord Mayor of London A D Brewer on Monday sought further liberalisation of services, mainly financial and legal services, to inject competition and spur growth.
"I realise there are issues with some elements in India, who are fearful of globalisation, who would be happy with a 'Little India' with barriers on trade and professional services, especially barring international law firms or placing restrictions on foreign investment in key financial service sectors," he said at a FICCI seminar in Mumbai.
Citing the example of the Chinese, Koreans, Indonesians and Chileans, who were proving that liberalisation was the way forward, he said: "You (India) should look to your natural partner, the City of London, with our professional financial services advice and as a place to raise capital on the main London Stock Exchange markets".
Brewer also said liberalisation of services could bring tremendous benefits and drive down costs, while improving efficiency through greater competition and innovation.
Alluding to the long standing relationship with India, the Mayor said his visit was to further strengthen "our existing warm relationships as well as explore opportunities for further potential business tie-ups".
Brewer said there has been a steady growth in bilateral trade and investment between the two countries and added that the United Kingdom is the third biggest investor in India with UK companies involved in 9.8 per cent of all new FDI into India since 1981.
More than 430 Indian companies have a base in the United States, while over 40 trade on London Stock Exchange and another 22 are listed in the UK.
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