LONDON - In a significant development, HSBC India has partnered with the UK Export Finance (UKEF) to launch a £100 million finance initiative aimed at enhancing the integration of Indian micro, small and medium enterprises (MSMEs) into the global market. The agreement is set to bolster Indo-UK economic ties and support innovation and growth within India's commercial sector.
The collaboration between HSBC India and UKEF will focus on improving the credit facilities available to Indian MSMEs, thereby facilitating their access to international markets. Hitendra Dave of HSBC anticipates that this joint venture will significantly boost bilateral trade between the two nations. On the other hand, Tim Reid from UKEF highlighted the benefits for Indian businesses in acquiring high-quality goods from the UK.
Harjinder Kang emphasized the crucial role of MSMEs in achieving the ambitious goal of doubling trade volume by 2030 and attracting substantial British investment into India by the middle of the decade. Currently, India stands as the UK's 12th largest trading partner, with strong export flows from British SMEs to the Indian market.
This financial scheme represents a strategic move to intensify economic linkages between India and the UK, focusing on key drivers of growth and innovation that are central to India's commercial landscape. The initiative is expected to open up new avenues for trade and investment, fostering a more dynamic business environment for MSMEs in both countries.
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