THE MANX government has reaffirmed the importance of its economic partnership with India following the UK Government’s recent trade delegation to India. 

At this year’s Confederation of Indian Industry conference in London, the Isle of Man Chamber of Commerce, supported by Department of Economic Development Member Clare Christian MLC, signed an historic Memorandum of Understanding with India, ensuring a partnership to deliver greater mutually beneficial trade and investment.

With GDP growth at 8.5% for this year and a projection of double figures for 2012, India is recognised as a significant player in the global economic recovery. Emerging economies alone are expected to contribute 60% of the world’s growth over the next few years.

Both the Isle of Man and the UK recognise the importance of strong ties with India which is the second fastest growing economy in the world and is seen as one of the key drivers for sustained global economic recovery.

Mrs Christian, who shared the platform at the recent Confederation of Indian Industry event with Anand Sharma, Indian Minister for Commerce and Industry, said, “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 in 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’.”