UK PM unveils £1 billion investment in India

NEW DELHI/AHMEDABAD: Signalling a new phase in India-UK economic partnership, British Prime Minister Boris Johnson has unveiled over £1 billion in new investments and export deals in Ahmedabad in areas from software engineering to health, creating almost 11,000 jobs across the UK.

“PM welcomes more than 11,000 new jobs created through huge new UK-India trade and investment deals as he begins two-day visit,” the British high commission announced on April 21, Day  1 of Mr Johnson’s maiden visit to India.

British PM Johnson will use his visit to India to boost collaboration with one of the world’s fastest growing economies, slashing trade barriers for UK businesses and driving jobs and growth at home, said the high commission.

PM Johnson will visit a new factory, university and cultural sites in Gujarat and announce new collaboration in AI and technology

As he touched down in India, PM Johnson said: “I see vast possibilities for what our two great nations can achieve together. From next-generation 5G telecoms and AI to new partnerships in health research and renewable energy – the UK and India are leading the world.” “Our powerhouse partnership is delivering jobs, growth and opportunities for our people, and it will only go from strength-to-strength in the coming years.”

“The overarching thrust of Johnson’s visit to India will be on upscaling of trade and investment and providing political impetus to the conclusion of FTA as the nucleus of the transformed relationship between India and the UK. The two leaders will focus on implementation of a new Enhanced Trade Partnership agreed during their virtual summit in 2021,” said Manish Chand, Editor-in-Chief, India Writes Network and India and The World magazine.

“With India emerging as the fastest-growing major economy in the post-pandemic world, Britain, under Johnson’s watch, has made transformation of economic relationship with New Delhi as a key priority of his foreign policy,” said Chand, a foreign policy expert and chairman, Centre for Global India Insights.

The key investment deals announced by the UK include:

  • A new Switch Mobility electric bus R&D centre in the UK and the opening of their Asia Pacific Headquarters in Chennai, generating over 1000 jobs in the UK in India
  • Investment from leading Indian manufacturer Bharat Forge and electric truck maker Tevva Motors to expand to a new site in the south-east and create 500 new jobs
  • Indian software company Mastek investing £79mn to create 1600 jobs over the next three years all over the UK
  • Business consultancy FirstSource opening new offices in South Wales, the Midlands and cities in the North-East and North-West.
  • Hertfordshire-based firm Smith & Nephew agreeing a major export deal to sell robotic surgical systems in India, and Northamptonshire business Scott Bader opening a new resins factory to supply top renewable energy companies in south-east Asia.

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