Postcard from... India

It is fortuitous that at a time of market volatility, Jersey was already identifying growing business opportunities in the East.

A report carried out for Jersey early last year by the London Business School initiated this effort, highlighting the relative ease of market entry into India compared to other regions.

For that reason, a delegation from Jersey has just returned to India to continue to strengthen relationships with the country.

Representatives from Jersey have visited India frequently over the last 18 months, including both fact-finding and promotional trips. These previous visits have involved meetings with major law and accountancy firms as well as a range of influential organisations, such as the UK India Business Council, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, the India Angel Network the Reserve Bank of India and the Securities and Exchange Board of India - all of which have been very positive.

Whilst growth in India has decreased slightly as a result of the global slowdown, there are still significant opportunities. We are now looking at growth rates of around 5-6% which, benchmarked against global levels, is highly attractive.

This most recent visit has sought to build on the good work that has been carried out so far and explore new and exciting opportunities. The Island's flexible funds regime and holding company vehicles, for example, are currently receiving significant interest for acquisition and listing work. Jersey's trusts and newly launched foundations are also proving attractive for private client estate and succession planning.

In fact, several firms in Jersey are reporting that they have received significant business inquiries as a result of Jersey's efforts in India. This is really positive news and we are confident that this trend will continue.

Despite some unrest in Mumbai at the end of last year, Jersey's commitment to India remains strong. In fact, we are currently considering a couple of further potential developments, including changing Companies Law to enable mergers with Indian companies and developing a double tax agreement. With this in mind, we are looking forward to returning to India again towards the end of the year.

Christine Whitfield is head of special projects at Jersey Finance.