UK and India announces $13B investments in private sector

London, United Kingdom: The United Kingdom and India have announced a billion British pound ($ 1.39 billion) investment in the private sector and have committed to a free trade deal. That was Tuesday before a virtual meeting between Prime Minister Boris Johnson and Indian leader Narendra Modi.

The meeting replaces a visit that Johnson planned last month to deepen co-operation as the UK seeks new trading partners after leaving the European Union. That visit was cancelled due to the increasing COVID-19 cases in India.

“Like every aspect of the UK-India relationship, the economic ties between our countries make our people stronger and safer,” Johnson said in a statement.

The UK government has set aside £ 533 million ($ 739.2 million) of Indian investment in the UK, including £ 240 million ($ 332.8 million) through the Serum Institute for its vaccines and sales business and £ 446 million ($ 618 million). 5 million) export transactions for British businesses.

Some of the listed investments have already been announced.

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

The two countries will also finalize an “Enhanced Trade Partnership” that will lift export barriers to goods ranging from British apples to medical devices and take steps to open up India’s legal services sector to British businesses.

The partnership agreement is seen as a step towards a full free trade agreement that Britain hopes to double bilateral trade by 2030 from its current level of around $ 31.9 billion per year.

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