UK-India £1bn investment package revealed
A new £1billion UK-India trade and investment package will be unveiled today.
Government has confirmed that Prime Minister Boris Johnson and India 's Prime Minister Narendra Modi will hold a virtual meeting later today to agree on the package, as well as committing to more future trade between the countries.
The £1billion package will include more than £533 million of new Indian investment in the UK, in vital sectors such as health and technology. Government has said that the package is expected to create 6,500 new UK jobs.
The Prime Ministers will also agree on a Enhanced Trade Partnership to unlock new opportunities for Indian and British businesses, and commit to negotiating a UK-India Free Trade Agreement (FTA) during the meeting.
The Enhanced Trade Partnership will include a commitment for mutual recognition of Seafarers ' Certificate of Competency; an independent risk-based decision-making process for suitable listing and re-listing of new and de-listed Indian fishery establishments and phased reduction in shrimp sampling protocol; and, a taskforce which will provide opportunities for Indian nurses and nursing associates seeking to train and work in the UK.
The partnership sets the ambition to double the value of UK-India bilateral trade by 2030.
The trade commitments comes off the back of the UK sending more than £6million worth of medical supplies to India, to help the country fighting a major surge in Covid infections.
Commenting on the future of trade between the two countries, Alex Ellis, High Commissioner to India said: “Trade and investment between the UK and India is already significant, creating jobs and growth in both countries. Today our Prime Ministers have set an ambitious target of doubling trade by 2030 and announcing £1 billion of new trade and investment.
“I will work tirelessly with our Indian friends and partners in the public and private sector to fulfil our leaders ' ambition. ”
Prime Minister Boris Johnson said: “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer.
“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. ”