Updated on 30 January 2014
How do the Scottish companies look at India? Have the regulatory framework or slumping growth rate affected their interest?
Scotland's expertise is very relevant to India. Scottish companies have innovative technologies. Also, the Scottish companies continue to favour India strongly. That is visible when we speak to them and they have been rating India as third favourable destination after US and China. India despite its decrease in growth rate, has still been able to maintain its charm. Despite its decrease in growth rate, India continues to be an attractive destination.
If you look at US or UK, the markets are shrinking. But at the same time, India has great potential for growth. At current 4.5-to-five percent growth rate, we are still positive. However, it is highly required that the government clarifies its regulatory policies for the investing companies. That is important because it helps the companies to take the long term decisions regarding the investments.
What are your specific areas of focus? What are the activities in India?
We have identified medical technologies as a big market opportunity. The potential areas include digital health and medical devices that said to close to $4.4 billion dollars. As the need of the population expands, the health markets too will require new technologies. We are working with Scottish SMEs for bringing the innovative technologies. Six-to-seven big companies are already having flourishing offices here.
We are involved with Association of Biotechnology Led Enterprises (ABLE) and have collaborated with Bangalore Bio in past. We have also signed a memorandum of understanding (MoU) with the Karnataka Biotechnology and Information Technology Services (KBITS) to build partnership.