New deal to boost business links between Scotland and India

Scottish Conservative MSP Pam Gosal said the new Memorandum of Understanding would help develop ties in financial services and fintech sectors between the two countries.

The agreement was signed in the Scottish Parliament last week, and features a formal understanding between Scottish Financial Enterprise and the Federation of Indian Chambers of Commerce and Industry.

The MoU sets out a number of areas where the two countries will work together, including facilitating connections between start-ups, exploring joint innovation projects and assistance in welcoming delegations from each country.

Pam Gosal, Sandy Begbie and Jyoti Vij

Pam Gosal founded Holyrood’s Cross Party Group on India in 2021, a group which she convenes. The MoU was one of the group’s main objectives.

Scottish Conservative MSP Pam Gosal MBE said: “When I was elected in 2021 as the first Indian woman and one of the first women of colour, one of my goals was to strengthen relations between Scotland and India, hence why I founded the CPG on India.

“This MoU can go a long way in further developing ties between the financial technology sectors in India and Scotland.

“Getting an MoU signed between the two parties was one of the objectives we had set out for our 2023 trip to India, so I am proud that we are now able to add this to the CPG’s list of accomplishments.”

Sandy Begbie, chief executive of Scottish Financial Enterprise, said: “India has long been an important trading partner to the financial and professional services sector in Scotland and this agreement provides an opportunity to continue in that tradition, with many of our member firms having a significant presence in India.

“As identified by our sector growth strategy, Scotland is globally recognised for its fintech capability which – combined with our world-class universities and capabilities in data and AI – will be one of the key drivers of the growth of our wider industry.

“We look forward to unlocking the opportunities this agreement will enable.”

Ms Jyoti Vij, director general of the Federation of Indian Chambers of Commerce and Industry, said: “The signing of this Memorandum of Understanding marks a significant milestone in fostering stronger ties between Scotland and India in the realm of financial services in general and the fintech sector in particular.

“Technology is permeating the financial services sector in multiple ways and the fintech sector, both in India and Scotland, is growing at a fast pace.

“The innovations that are taking place in our respective financial sectors offer an opportunity for cross-learning and co-creating novel financial solutions.”