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.