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| Standard Life boss urges Scottish firms to invest in India |
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 Standard Life chairman Gerry Grimstone is urging Scottish businesses to follow his company's example and invest more time and effort in India (reports Sunday Herald). Speaking as one of the UK's Business Ambassadors for financial services, he urged Scottish firms to think again about the massive opportunities in the fast-growing markets of the subcontinent, and to throw away any stereotypes about it just being a place that the UK outsources jobs to. "India and the UK are nations of equals. There is a common business culture and a common language. We can learn a great deal from doing business with India and vice-versa. Equally, Scotland has a host of highly-skilled people who could provide top-level financial services across the whole subcontinent," he said. He added that Standard Life has two joint ventures in India - both with HDFC - and that the Edinburgh-based group benefited from the substantial growth and development of its Indian business. "Our Indian life and pensions company is sixth in the market, with around 5% market share, and has 14,000 employees, around 200,000 dedicated agents, and 600 branches across India," he told a conference organised by Scottish Financial Enterprise. Grimstone said there were plenty of excellent financial services companies in Scotland and that Standard Life has learned a great deal from its work in India. He explained: "It's about having a good partner - because we are not allowed to own more than 26% of the business due to past restriction legislation. It's about keeping good people working together I'd encouraged everyone to develop an understanding of what will surely continue to be one of the world's great markets in the years to come. "Why not have Scottish companies in reverse outsourcing with Indian companies? What we found out at Standard Life was that customers appreciated a well-spoken Scottish voice on the end of the line." Grimstone spoke about the importance of the recent general election in India - the world's largest democracy - saying that the 58% turnout was a huge achievement, given the country's levels of literacy. "This is good news because the politicians are concerned with national stability which creates a better playing field for business. The stock market was euphoric and rose by 17% on the first day of post-election trading. With 300 political parties it could have been a recipe for stalemate, but the victory by the Congress Party and the geographic support of the smaller parties in a coalition government looks good for the country." Grimstone, who has spent a number of years helping UK multinationals work through the minefield of Indian red tape and regulations, said: "It still takes time for international businesses to get things done but increasingly India is an excellent place for ambitious Scottish businesses." He said Scottish financial companies could target investment opportunities and that the emerging breed of international Indian entrepreneurs, typified by Vijay Mallaya, the Kingfisher drinks baron who has bought Whyte & Mackay, is on the rise. "We should be promoting Scotland's business acumen more enthusiastically. When people such as Alex Salmond go abroad to represent the country, they can make a big difference. People like the Scots and their expertise in financial services." Related Articles:
Last update: 07-06-2009 23:36
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