Mumbai attacks ‘will not deter British biz’

More than 100 people have been killed, including one Briton, in Wednesday’s attacks by gunmen across the city, with suspected Islamist militants apparently targeting Britons and Americans.

Media reports have featured dramatic eyewitness accounts form British business people trapped by gunfire in plush hotels.

“It’s a shock for all of us, a shock to the world, but we believe in India and we believe India is and can be capable of bouncing back very, very quickly,” Bamford said.

She said the UKIBC had taken soundings from senior business people in both Britain and India which revealed that confidence had been dented.

“For most businesses, it is devastating, it is a deliberate attack to destabilise a fast-growing economy, but I think the focus is back to business as soon as possible,” she said.

She cited the case of one British businesswoman, a member of UKIBC, who was caught up in the events at the Taj hotel and had to shelter under a restaurant table for 6-1/2 hours.

“Knowing the character of our intrepid business leaders and entrepreneurs that are doing business in India I know that (she) will bounce back and her business will continue,” Bamford said.

Britain is India’s fifth-largest trading partner and India is Britain’s 18th-largest export market, its second-largest export market in the developing world after China.

Total trade between the two countries in 2006 amounted to 8.74 billion pounds and Bamford said that figure is growing.

The Indian government said the attacks were aimed at creating havoc in the city and the Foreign Office advises that people should only travel to Mumbai if absolutely necessary.

“There has been a call from some senior business leaders to the Indian government to really review security and counter-terrorism,” Bamford said.

“I think this is a wake-up call for India but I think it will rise to it and address issues.”

She also pointed out that while events in Mumbai have been shocking, the rest of India remains open for business.

And she said amid the gloomy economic downturn affecting much of the world, India’s economy continues to thrive, with even the most pessimistic growth forecast 6.5 per cent next year.

That means for British businesses, it was a country “you cannot ignore particularly in the current market conditions”.

“We expect more companies to be looking towards the India opportunity,” Bamford said.