1 Billion Pounds of deals in Modi-Johnson Summit |
India has finalized a trade and investment deal worth 1 billion pounds with the UK government, creating over 6,500 jobs in Britain. This is likely to be announced during the virtual summit between UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi on 4th May. It is to be noted that Johnson has had to cancel his India visit twice in January and April of 2021 due to COVID-19 situation in India. The investments were confirmed by Downing Street on 3rd May evening form part of an Enhanced Trade Partnership (ETP), which the two leaders will formally sign off during their talks. The ETP will set the ambition to double the value of the UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement. Johnson said, “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer,”. The UK PM says “Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from Coronavirus and boost the British and Indian economies. In the decade ahead, with the help of (the) new partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs,”. The trade and investment package unveiled by the UK government contains over GBP 533 million of new Indian investment into the UK, covering areas such as healthcare and technology. This includes a GBP 240 million investment by the Serum Institute of India (SII) in the UK into its vaccine business and a new sales office in the country, expected to generate new business worth over USD 1 billion. The Serum Institute`s investment will support clinical trials, research, and development and "possibly" manufacturing of vaccines, to help the UK and the world defeat the Coronavirus pandemic and other deadly diseases. British businesses have also secured new export deals with India worth more than GBP 446 million, which is expected to create more than 400 British jobs. This includes CMR Surgical exporting its next-generation “Versius” surgical robotic system, which helps surgeons perform minimal access surgery being rolled out to hospitals in India. This export deal is worth GBP 200 million and will result in the creation of 100 new jobs in the UK. The ETP agreed between India and the UK is said to create immediate opportunities for British businesses in India across industries including food and drink, life sciences, and the service sector.
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