JERSEY could be stealing a march on Guernsey in progressing market developments in India.
Jersey’s Treasury minister Philip Ozouf announced last week that a representative office was to be opened in the country after returning from a visit to India with JerseyFinance and other senior officials.
The visit also saw both sides concur that a formal tax agreement between India and Jersey should be signed.
This development comes just a few weeks after GuernseyFinance chief executive Peter Niven told stakeholders at an industry update that Guernsey would be looking to move forward with market developments in India during 2010.
But Mr Niven (pictured), speaking after this latest announcement, said that with a delegation from Guernsey set to visit the country in February, he did not believe Jersey was gaining too much of a head start.
‘They have been tripping into India for some while now and I think this is the logical conclusion for them.
‘They said quite some while ago they were looking to set up an office and now they are going ahead with it.’
Senator Ozouf said that if Jersey were to make significant progress in India, the island needed a permanent representative there.
‘There is enough good quality business there which would provide investment in the island and the opportunity for Jersey firms to expand using Indian technical specialists.’
He said that it would not be a ‘grand office’, but would probably be a serviced one in either Mumbai or Delhi.
Senator Ozouf said the individual based there would be more important.
‘We need to get someone with the right links.’
He added that it was a country that had weathered the global economic crisis remarkably well.
‘We can help Indian firms with their corporate finance structuring and to obtain a listing on the London stock exchanges but we need people on the ground to raise awareness in a highly competitive market.’
Mr Niven said Guernsey’s visit to India in February would see meetings taking place in Mumbai and Delhi, while contacts developed with the help of Airtel-Vodafone owners Bharti Airtel would also be utilised.
‘We are a bit behind the curve, but it’s time and cost that needs to be balanced along with everything else we need to do.
‘There seems to be potential there and the lawyers I have spoken to in India keep saying there seem to be lots of opportunity.’
Article posted on 30th November, 2009 - 2.30pm
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