New Delhi [India], February 26 : In a major push to bolster economic ties between the UK and India, UK Ministers have announced 17 new export and investment deals during their visit to India this week, a press release added on Wednesday.
These deals, valued at over GBP 100 million, are set to supercharge the UK-India partnership, particularly in the tech and life sciences sectors, as per the release.
Britain's Secretary of State, Jonathan Reynolds and Investment Minister Poppy Gustafsson, who are leading the UK delegation, emphasised that the new agreements will create hundreds of jobs and further strengthen the trade relationship between the two nations.
In the last year alone, the UK-India trade relationship has grown to GBP 41 billion, highlighting the increasing economic cooperation between the two countries.
"Tech and life sciences are two huge growth sectors for the UK economy. I'm proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market. It's great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy," said Britain's Secretary of State, Jonathan Reynolds.
A key highlight of the visit is the boost to UK insurance companies following India's recent budget announcement. The Indian government has raised the foreign direct investment (FDI) cap in the insurance sector from 74 per cent to 100 per cent, offering UK firms new opportunities to expand their presence in India.
Commenting on the development, Minister for Investment Poppy Gustafsson said, "The new Indian investment proves that the government's Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.
"Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest," he added.
India's continued investment in the UK is another strong signal of the growing economic relationship, Gustafsson said.
Over £100 million in Indian investments were recently announced which are expected to create hundreds of jobs in various sectors, the release added.
UK insurance companies in particular have gained more potential to expand in India following the recent Indian budget, which increased the amount of foreign direct investment (FDI) permitted in the insurance sector from 74 per cent to 100 per cent, the release added.
Reynolds and Gustafsson's visit also marked the relaunch of talks on a UK-India free trade agreement (FTA), which both ministers believe will support job creation and spur more growth, the release added.
The UK government is aiming to create an even more ambitious and collaborative relationship with India, highlighting the benefits of free trade and investment between the two economies.
Furthermore, the release added that the delegation's visit to India, including stops in New Delhi, Mumbai, and Bengaluru, underscores the UK's commitment to deepening its ties with one of the world's largest and fastest-growing economies.