A report by the British magazineNew Foodsays that in a recent trade trip to Mumbai, the UK government has recognised India as a priority market in their latest Food and Drink export plan. The trade mission was reportedly organised by Santander UK in association with the Food & Drink Federation (FDF) and the Department of International Trade (DIT). This was done so that manufacturers looking export in the Indian Food and Drinksector could see the opportunities.
Tapping The Indian F&D Industry
The report further emphasises on how the Indian F&D sector is predicted to grow by 64 percent to about £500 billion by the year 2020. It also lays focus on India’s GDP growth of 7 percent in 2016 thus leading UK to target additional exports of £349 million in the coming five years. 12 prestigious UK firms had visited the India Food Forumin Mumbai to showcase their products.
“The Indian food and drink sector is at the start of a significant period of growth and Santander, along with stakeholders such as the FDF and the UK government, see incredible opportunities for UK food and drink firms,” said Andrew Williams, Head of Food & Drink – Santander Corporate & Commercial while talking to New Food.“We are confident that the 12 firms that attended the trade mission will benefit from this growth. India is one of world’sfastest-growing markets, with 1.3 billion consumers and improving disposable income levels, increasing numbers of middle class consumers and demand for high quality food products from the UK.”
He added, “Santander is dedicated to helping UK businesses trade and export overseas and our trade missions are a powerful, high-profile and increasingly popular means to directly connect firms with distributors, buyers and other key stakeholders.”
Speaking to the publication, Ian Wright CBE, Director General – Food & Drink Federation, said: “There is no substitute for meeting new business contacts face to face, as evidenced by this latest trade mission. India is at the cusp of a revolution in the food consumption and processing, and the Indian government is investing heavily in the sector and infrastructure to support a fast-growth market. We are seeing diverse companies tapping into areas of interest to take advantage of these opportunities, and the hope is that the UK will become a primary trading partner for India.”