- Santander UK, in conjunction with the Food & Drink Federation and the Department of International Trade, took 12 UK food and drink manufacturers to India on a week-long trade mission in January
- Firms that attended included Amber Glen Scotch Whisky Co., Delamere Dairy, Provenance Brands, The English Cheesecake Company, Greene King, Iceland Foods and St James Smokehouse (Scotland)
- Significant opportunities exist for UK food and drink manufacturers in Indian food market forecast to be worth £500 billion by 2020
Twelve of the UK’s leading food and drink manufacturers visited India for a week-long trade mission in January, organised by Santander UK, in conjunction with the Food & Drink Federation (FDF) and the Department of International Trade (DIT). The pioneering visit showcased the opportunities for manufacturers looking to export to the Indian food and drink sector, forecast to grow 64% to £500 billion by 2020.
Firms that attended the trip included Amber Glen Scotch Whisky Co., Delamere Dairy, Provenance Brands, The English Cheesecake Company, Greene King, Iceland Foods and St James Smokehouse (Scotland) Ltd. The initiative was part of Santander UK’s series of international trade missions across a range of sectors and regions, aimed at helping UK businesses export and capitalise on overseas trade opportunities.
Among other things, the 12 firms visited the India Food Forum in Mumbai, one of the country’s largest trade shows, where the companies showcased their products on the DIT stand. In addition, in excess of 100 buyer meetings were arranged, with delegates able to qualify interest and secure trade deals, and a networking event held at the British Deputy High Commission. A buyer’s symposium in Bangalore provided the opportunity for company representatives to present to buyers from various retail and food service companies.
India saw GDP growth of 7% in 2016 and has become one of the world’s most dynamic, fast-growth economies, identified as a key export opportunity for UK businesses. The UK government has identified India as a priority market in its latest F&D export action plan, targeting additional UK exports of £349 million over the next five years. UK food and drink firms and retailers with an established presence in the country include Diageo, Holland & Barrett, Walkers, Borders Biscuits, M&S, Tesco and Waitrose.
Andrew Williams, Head of Food & Drink – Santander Corporate & Commercial, said: “The Indian food and drink sector is at the start of a significant period of growth and Santander, along with stakeholders such as the FDF and the UK government, see incredible opportunities for UK food and drink firms. We are confident that the 12 firms that attended the trade mission will benefit from this growth. India is one of world’s fastest-growing markets, with 1.3 billion consumers and improving disposable income levels, increasing numbers of middle class consumers and demand for high quality food products from the UK.
“Santander is dedicated to helping UK businesses trade and export overseas and our trade missions are a powerful, high-profile and increasingly popular means to directly connect firms with distributors, buyers and other key stakeholders.”
Ian Wright CBE, Director General – Food & Drink Federation, said: “There is no substitute for meeting new business contacts face to face, as evidenced by this latest trade mission. India is at the cusp of a revolution in the food consumption and processing, and the Indian government is investing heavily in the sector and infrastructure to support a fast-growth market. We are seeing diverse companies tapping into areas of interest to take advantage of these opportunities, and the hope is that the UK will become a primary trading partner for India.”
Helping SMEs to export is a core priority for Santander. The bank’s trade missions are unique in the wider SME banking market – Santander regularly and proactively gets UK firms out to markets to meet buyers and network with key stakeholders. Previous trade missions have covered the US, Spain, Chile, the United Arab Emirates and Poland, among others. UK food and drink firms interested in intending future trade missions should visit our website www.santandercb.co.uk or contact International@santander.co.uk.
- Ends -
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 31 December 2017, the bank serves around 14 million active customers with c19,500 employees and operates through 806 branches (which includes 61 university branches) and 64 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of 2017, Banco Santander had EUR 986 billion in customer funds (deposits and mutual funds), 133 million customers, 13,700 branches and 200,000 employees. Banco Santander made attributable profit of EUR 6,619 million in 2017, an increase of 7% compared to the previous year.
Lara Lipsey T: 020 7756 4518 M: 07713 560 209 E: firstname.lastname@example.org
The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.