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Indian Trade Mission

11 February 2008

High level talks on Monday with one of South East Asia’s top financiers mark the beginning of an intensive week of meetings in India for Jersey’s Economic Development Department. The mission is being led by the Minister for Economic Development, Senator Philip Ozouf, who says it’s vital that Jersey looks for business opportunities in emerging markets.

“At the moment Jersey’s economy is largely based on the European and US markets, but the world is changing,” said Senator Ozouf. “India and China are on the way to becoming the world’s new economic super-powers, and there are opportunities for Jersey’s financial services. It’s important to start work now to secure a strong position for Jersey business.
“Our competitors are already working to get a stake in the emerging markets, and it’s part of the long term strategy to build Jersey’s finance and other business interests where opportunities arise.”
The delegation is a small one, but represents a first step into a country with a population three times the size of Europe. Jersey’s representatives will be holding high level meetings with leading members of the country’s finance and high tech industries, identifying opportunities for new business in the finance sector, and looking at other high value areas like e-commerce and software services.
The week starts with a meeting with Standard Chartered’s Regional Chief Executive Officer for India and South Asia, Neeraj Swaroop, and includes a visit to Infrasoft Technology Ltd’s development centre, where two Jersey students are in Mumbai as part of their training with the company. Infrasoft has set up a head office in Jersey where it employs and trains local staff.

Delegates will be meeting the Deputy Head of British High Commission with responsibility for finance and economics, Jeff Glekin, and representatives from two of India’s main Chambers of Commerce, the National Association of Software Services and the Information Technology Industry Development Agency. There are also a number of meetings set up with banks and other financial institutions.
“Jersey’s economy is doing well at the moment,” added Senator Ozouf, “but there’s no room for complacency. We need to stay competitive, and explore all the options worldwide for attracting high value business to the island.”

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