Indian Business Travellers Urge UK to Become More Cost Friendly
27/05/2008 by Thabang Motsei
With the economic relationship between the UK and India strengthening and India securing their place as the third largest foreign investor in Britain; Indian business travellers are calling for a curb on the rising costs being faced when visiting the country.
With strong economic opportunities, the UK has for some time been a favoured destination for foreign investment. Last year alone saw a jump to £52 billion from £38 billion the previous year.
Particular focus has been on the emerging relationship between the UK and India, with India becoming a strong player in providing direct foreign investment.
Many Indian business officials feel that despite this developing partnership little has been done in order to accommodate frequent investors and travellers. India has urged the UK to provide easier availability of business visas for its professionals in order for them to provide services in developed countries.
At present it is estimated that 400,000 Indians visit Britain and almost an equal number of Britons visit India every year. This figure aside, the ideal logic that the two countries are equal is not being reflected in the costs and services available to investors visiting each country.
The cost of visas for potential UK investors is one which many are arguing isn't equal. Non-resident Indians in Britain currently pay half for their visas to visit India as compared to Indians for their visas to visit Britain.
An essential part of the investor process involves major overseas companies sending ambassadors and officials in order to secure contracts and land deals. However growing costs are meaning that Indian businessmen visiting Britain are paying over double that of a British businessman visiting India.
The current laws surrounding UK business visas are also meaning that Indian businessmen have to obtain long-term visas. This is resulting in them paying substantially higher sums than their British counterparts who are instead paying less for a six-month, one-year visa or even two-year visa.
Bryan Palmer of global mobility company www.globalvisas.com says "The UK and specifically London has a lot of appeal to foreign investors. India's concern over the disparity of costs is understandable, especially as they continue to grow as major UK investors. In order for the UK to remain competitive it is important that they do not get complacent and therefore do all they can to maintain investor relations."
Highlighting the importance for these investor relations is a survey by Pricewaterhouse Coopers. The survey shows that foreign-owned firms created nearly half of London's economic growth between 1998 and 2004. It also predicted that London is set to overtake Paris and Chicago as the fourth largest economy among world cities by 2020
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