CREATIVE and digital firms in Merseyside should consider exporting to India – that’s the message from the organisers of a business conference in Manchester next month.
The UK India Business Council (UKIBC) expects representatives from more than 500 businesses to attend its summit, which aims to boost trade between Britain and the subcontinent.
UKIBC chief executive Richard Heald says there are particular opportunities for Liverpool firms to invest in India’s media and life sciences industries.
The UKIBC says the UK has fallen behind its international rivals when it comes to trading with India.
It says scrap metal and diamonds – which are sent for polishing – and are currently the UK’s largest exports to India.
Meanwhile, it says, there are more than 1,500 Australian businesses currently exporting everything from jeans to cookies to India. France, it adds, has successfully sold high-end brands like L'Oréal and Dior into the Indian market.
The UKIBC says India’s entertainment and media sector will be worth £15bn by 2014, while its IT industry is already worth £30bn.
Mr Heald said: “India has grown hugely on an economic and demographic basis. What we are seeing is that the population is getting younger. They’ve got higher levels of consumer spending. This generation is focusing on media and entertainment.
“If you look at the number of handsets in India now, it’s staggering. Something like 500m people have handsets now. Some 150m households have cable TV.
“That means more than 600m people have access to cable TV out of a population of 1.2bn and growing. That’s a huge potential market.
“It’s very dynamic and consumer-oriented. There’s an increasing disposable income base.
“There are opportunities in digital media because the market is about to change from analogue to digital.
“The major players in the market at the moment – such as Tata Sky and STAR India – are all looking at how they can position themselves to take advantage of that change.
“In particular, bearing in mind the UK has been through the evolution of how to create a digital ecosystem it’s an area they’re extremely interested in.”
Speakers at the summit include Uday Shankar, chief executive of television channel STAR India.
Mr Heald said: “He’s coming specifically because he wants to sit down and talk to the people and companies in the North West who are operating in the media environment.”
FOR details on the summit, visit www.ukibc.com
