Isle of Man Finance together with the UK India Business Council (UKIBC) held a 'Doing Business in India Event' in Douglas on 12th February.
The new initiative, that was sponsored by local Advocates Simcocks, was designed to forge closer trading links with the Indian market.
The Isle of Man has recently become a strategic partner of the UKIBC, in order to facilitate the growth of trading links and ultimately establish formal agreements giving mutual benefit between India and the Island.
Over 100 local business leaders attended the presentations that were chaired by Sharon Bamford, CEO of UKIBC. Treasury Minister Allan Bell, MHK who spoke of the value of India for the Island's future prosperity, explained 'Despite the continuing turmoil the Island will continue to be at the forefront when new business opportunities present themselves.
'The axis of influence' he said, 'is moving from West to East and is being driven by both China & India. We are going to be exploring where new business opportunities come from. Sharon & the team are a great source of help in establishing ourselves in the Indian markets'.
Other speakers included Ms Shalini Agarwal who discussed Indian culture together with business and social etiquette when operating in India, Sir Thomas Harris, Chairman of Standard Chartered Capital Markets, who demonstrated the growth of financial services in India and Alison Hook, Head of the International Division of UK Law Society, reviewed the challenges and opportunities facing law firms doing business in and with India.
The event demonstrated the enthusiasm that Isle of Man based business leaders have for greater involvement with the Indian markets.
The Island has gained ground very quickly with a number of legal firms advising Indian business leaders on the benefits of capital raising on London's AIM market using Isle of Man based corporate entities. The Isle of Man can also assist Indian companies looking to establish in European markets through providing a package of benefits to assist new operations. This is in addition to working with Indian business advisers with the international wealth management needs.
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