UK, India Announce $ 1.4 Billion in Private Sector Investments

UK, India Announce $ 1.4 Billion in Private Sector Investments

The UK and India have announced one billion British pounds ($ 1.39 billion) of private sector investment and pledged to seek a free trade deal. This was before a virtual meeting between Prime Minister Boris Johnson and Indian leader Narendra Modi on Tuesday.
The meeting replaces an in-person visit Johnson planned to make last month to deepen cooperation as the UK seeks new trading partners after leaving the European Union. This visit has been canceled due to the surge in COVID-19 cases in India.

“Like all aspects of UK-India relations, the economic ties between our countries make our people stronger and more secure,” Johnson said in a statement.

The UK government has spent £ 533 million ($ 739.2 million) of Indian investment in the UK, including £ 240 million ($ 332.8 million) by the Serum Institute for its vaccines and sales activities, and 446 million pounds ($ 618.5 million) of exports for the British. companies.

Some of the investments listed had already been made public.

UK estimates combined with data from the companies involved showed the deals would create more than 6,500 jobs in Britain.

The two countries will also finalize an ‘Enhanced Trade Partnership’ which will remove barriers to the export of products ranging from UK apples to medical devices, and take steps to open up India’s legal services sector to UK businesses.

The partnership agreement is seen as a step towards a comprehensive free trade agreement that Britain hopes will double bilateral trade by 2030 from its current level of around £ 23 billion (31 , $ 9 billion) per year.

“In the coming decade, with the help of the new partnership signed today and a comprehensive free trade agreement, we will double the value of our trade partnership with India and increase the relationship between our two countries. new heights, ”Johnson said.


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