States of Jersey, a financial services hub of Europe to strengthen economic ties with India

Published November 29th, 2009 - 03:31 GMT

Jersey Trade Delegation, States of Jersey, UK is in Mumbai, spending time with industry leaders with the focus to promote Jersey as an attractive destination for Indian companies to set up businesses.  The high level delegation comprises Minister of Economic Development, Senator Philip Ozouf, Chief Executive of Economic Development Mike King, Director of International Trade Wayne Gallichan, Martin de Forest Brown the State’s International Finance Director  and Geoff Cook, Chief Executive of Jersey Finance Limited.

Jersey has traditionally been known for it’s wealth management, private banking and trust businesses. Jersey is an island located off-London, between UK & France and is a major financial services hub for the European region. Jersey has the second highest GNI per capita in the world amongst small countries and has a very successful highly reputable financial services industry.

Speaking at the seminar organized by FICCI with InfrasoftTech today for the Jersey Trade Delegation, the Minister for Economic Development, States of Jersey, Senator Philip Ozouf said, “It is essential that we in Jersey grow and diversify the economy both in terms of geographic reach and products. India is a very exciting market seeing significant growth and along with China is becoming an economic superpower of the future. There are exciting opportunities for Jersey in Financial Services and Intellectual Property and we need to start to invest time and resources to develop these opportunities. This is the first time Jersey is formally visiting India and I’m looking forward to an intense series of meetings to understand the opportunities, raise awareness of Jersey and prepare for the very important opportunities that exist for Jersey in India”.  

 


The delegation is promoting Jersey’s new more business friendly tax regime with no capital gains or inheritance taxes and a country supported by an excellent digital & wireless networks and a robust, sophisticated business support service infrastructure.

Some of the Indian organizations that have seen success in Jersey include Bank of India, Minerva Financial Services, InfrasoftTech and Airtel, besides others.  Recently, InfrasoftTech even acquired a local Jersey based software services firm M Consulting to create a base outside main land London.

Says Hanuman Tripathi, Managing Director, Infrasoft Technologies Limited:  We have had very positive experience establishing business in Jersey for many years now. The government officials in Jersey are not only courteous and devoid of red tape but also welcome positive business models that promote trade and help the society at large. 

InfrasoftTech has embarked on a unique CSR plan for promoting IT education within the local citizens in Jersey.  InfrasoftTech has commenced bringing college students to their Indian center to train them on IT skills focused in financial services industry, a fully paid program for selected students.

In long term, the company hopes to establish a full fledged InfrasoftTech Foundation in Jersey that will work closely with schools & colleges and government to establish and an eco system to constantly produce large number of students who would take up employment in IT roles in the financial industry of Jersey. InfrasoftTech aims to deliver state-of-the-art IT training to these students, relevant to the modern day needs of financial services sector and much ahead of usual curriculum of IT Diplomas usually seen. 

The Jersey Trade Delegation today visited the offices of InfrasoftTech and met the Jersey students who have come to India for IT Training in InfrasoftTech facility. The Minister and his team were highly appreciative of the baby steps InfrasoftTech has taken to give a new dimension to the career of Jersey students in IT education to service the local financial services industry. They said that these efforts of InfrasoftTech will go a long way in building good-will between the countries and in recognizing Indian enterprises as favorable partners in growth in times to come.


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