Global Economics

Minister: Globalization a "Two-Way Street"


Before a trip to India, Britain's e-government chief calls for public understanding of globalization's benefits for both old and new economic powers

Globalisation is a two-way street, with Indian companies creating jobs in the UK as well as UK companies sending jobs overseas, according to e-government minister Pat McFadden.

This weekend McFadden is flying to India to visit Hyderabad and New Delhi, and meet with tech giant TCS, industry body Nasscom and Indian tech ministers.

McFadden said the visit is about sharing the experience, in both the UK and India, of how technology can be used to improve service delivery and make life easier for the public.

He said in a statement: "We have to get beyond the idea that globalisation is a one-way street where jobs are simply transferred from developed economies to rising new economic powers like India through outsourcing and offshoring.

"Globalisation is a two-way street, and there is now a growing number of Indian companies who are investing and creating jobs here in the UK."

About 60 per cent of India's investment in Europe comes to the UK and more than 500 Indian companies have operations in the UK in sectors such as IT, automotive components and pharmaceuticals.

For example Indian IT services company TCS has 2,000 people in the UK, Infosys has about 1,400 staff and HCL employs around 1,800.

McFadden added: "The countries best placed to prosper from globalisation are those who seek to deepen trade, educational and cultural links. The potential for such partnerships between the UK and India is enormous."

Provided by silicon.com—Driving Business Through Technology

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