As part of a new partnership formed during Prime Minister Narendra Modi’s UK visit, India will finance more than one billion pounds in the United Kingdom which will help to create 5,750 British jobs.
PM Modi, along with his British counterpart Theresa May, had signed a wide range of Memorandum of Understanding (MoUs), agreement and initiatives across technology, trade, and investment.
The British government on Wednesday announced the India-UK trade partnership after PM Modi held talks with May.
The United Kingdom’s Department of International Trade (DIT) said, “A range of new Indian investments worth more than 1 billion pounds will create or safeguard 5,750 British jobs for the economy as part of the new partnership.” The investments were built on the recommendations of the Joint Trade Review (JTR) between the two countries that concluded earlier this year.
“Removing barriers to trade is a key way in which the UK can capitalise on the predicted growth in world markets and so I'm delighted we have come to this new trade partnership with India,” said Liam Fox, UK international trade secretary.
“It is clear that the opportunities for growth in trade with India are plenty, and as an international economic department we will continue to use tools such as trade missions not only to boost UK exports, but also to help businesses of all sizes forge ties and build cultivate relationships with potential buyers and investors,” Fox added.
As per the figures released by DIT, total trade in goods and services between India and UK in 2017 was 18 billion pounds, which was a 15 per cent increase from the trade in 2016.
The new partnership will focus on improving the accessibility of trade for business among both the countries, amid the UK’s decision to leave the European Union (EU).
The partnership, which mainly focuses on three key sectors of life sciences, information technology (IT), and food and drink, will focus on reducing barriers to trade.
“The visit of Prime Minister Modi will see the launch of a package of technical assistance to help India climb further up the rankings for ease of doing business, benefitting UK companies and the Indian economy alike. Additionally, the two countries have also agreed to strengthen ties between their respective agriculture industries,” read the DIT statement.
The UK and India also announced the Technology Summit II, which will be held in autumn 2018 to bring together the tech innovators, scientists, entrepreneurs and policy makers from both India and UK to work together to scope and design solutions to challenges including the governance of future tech.
The UK government also announced that it will create a UK-India Tech Hub, which will include a network of people and programmes designed to facilitate ideas, investment and prosperity for India and the UK, based in the British High Commission in New Delhi.