A Memorandum of Understanding between India and the Isle of Man has been signed at the recent high-profile annual Confederation of Indian Industry (CII) conference, held in London in June.
The significance of this formal partnership has also recently been highlighted further as the UK Government embarked on its first major trade delegation to India.
Department of Economic Development Member, Clare Christian MLC, was supported at the CII event by Mike Hennessey, CEO of Isle of Man Chamber of Commerce, who signed the historic Memorandum of Understanding with India in front of a large audience, ensuring a partnership to deliver greater mutually beneficial trade and investment.
Both the Isle of Man and the UK have recognised the significance and importance of establishing strong ties with India, a country which now has the second fastest growing economy in the world, and which is seen by many as one of the key drivers for sustained global economic recovery.
With GDP growth at 8.5% for this year and a projection of double figures for 2012, India is recognised as a major player in the global economic recovery; emerging economies alone are expected to contribute 60% of the world's growth over the next few years.
Mrs. Christian, who shared the platform at the recent Confederation of Indian Industry event with fellow speaker Anand Sharma, Indian Minister for Commerce and Industry, comments:
"Restoring the health and prosperity of the global economy relies in large part on the growth of economic giants like India. That is why we, on the Isle of Man, are proud to have signed a Memorandum of Understanding ensuring we continue to work closely as International partners to promote strong economic and industrial growth.
"India has recognised the value of the Island's fiscal incentives, responsive Government, sound international reputation and robust legal system. There are still more Indian AIM listed companies registered in the Isle of Man than in any other country.
"India is now recognised as a major economic partner by many countries and the significance of our agreed framework with them is timely given the UK Government's visit to India to establish their own 'special relationship'.
"I believe by leveraging the Department of Economic Development's inward investment strategy in conjunction with the Chamber of Commerce, we will position ourselves as an attractive growth platform for Indian enterprise. I'm positive that we have the right infrastructure and environment to help Indian industry thrive."
The two day event also proved a highly successful platform for Isle of Man to build business ties and network with high-profile figures including former Secretary of State for Trade and Industry, Patricia Hewitt.