The UK Government on Tuesday brought together business leaders from high profile sporting companies from UK and India to showcase international trade opportunities in London. The initiative was part of the India-UK Sports Alliance.
According to a report by Business Insider, UK’s department of International Trade said that India-UK sports delegation will showcase opportunities for British sporting exporters during the ongoing 2019 Cricket World Cup in England.
According to data provided by DIT, exports of sporting goods to India rose to by 30.6 per cent in 2018, with overall exports of British sporting equipment at an all-time high and rising by 10 per cent to 500 million pounds last year.
Secretary for State for International Trade, Dr. Liam Fox said, “The UK wants to be India’s partner in delivering world class sporting events-using our experience and expertise gained from delivering some of the biggest global sports events in the world.
There are significant benefits of hosting large sporting events to local economies. By showcasing the success of British business at the cricket world cup, the UK stands ready and able to help our Indian sporting partners realize their own success.”
India is already the UK’s 11th largest export market outside of the EU and accounts for 7.5 billion of existing investment in the UK. Bilateral trade is valued at more than 20.5 billion per year and estimates show that the Indian sports market can become a 10 billion industry by 2026.
Representatives from Indian commercial giant, Reliance Industries believe there is great potential for British companies looking export sporting goods to India.
Chief Executive Officer of Reliance Sports, Sundar Raman said, “Reliance Sports has a strong connection with the UK since inception-particularly the partnership between Indian Super League and the premier league, which was renewed again earlier this year.
“I am delighted to be a part of the India-UK Sports alliance organized by the UK’s Department for International Trade. It will help to broaden the scope of our relationships with both the wider sports sector and policymakers.”
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