The Union Minister of Commerce & Industry and Railways, while addressing the UK-India Joint Economic and Trade Committee (JETCO) in London on Monday called for fast-tracking of engagements by leveraging the competitive strengths for mutual benefit.
He said if the spirit of research and innovation in British industry and academia is bound together with the strength of the skilled Indian work force, the two countries may become the preferred supplier to the rest of the world.
Besides, he said the skilled Indian manpower has the capability to translate the ideas generated in British research labs to the implementation stage.
"Manufacturing in India, in a cost-competitive environment, could be the key for British companies to expand their footprints to other parts of the world," Goyal was quoted as saying in a Ministry of Commerce & Industry statement.
Similarly, the minister said in the services sector, India can provide huge technical expertise to the British companies.
While addressing the CEOs of multi-national companies at the JETCO meeting, Goyal said India has opened up opportunities for single brand retail and is easing some detrimental clauses of the policy in next few weeks which will help single brand retail come in a bigger way to the country.
"He requested companies around the world to respect Indian sensitivities on restrictions of foreign investment in multi-brand retail," he was quoted in the statement.
"Particularly, e-commerce companies coming to India will have to ensure that they stay within the letter and spirit of the law when it comes to multi-brand retail and India's policies around that."
On the sidelines of the event, the two countries agreed to set up three new bilateral working groups to enhance their trade.
The three groups will tackle "barriers in specific sectors, including food and drink, healthcare and data services".
( With inputs from IANS )