On April 26, Lord Jo Johnson, the U.K.’s Minister for Investment, began a visit to India to strengthen the bilateral investment partnership between the two countries, particularly in the technology and life sciences sectors, and to boost ongoing trade talks. Mr. Johnson arrived in Bengaluru and is scheduled to visit Pune to meet with investors and prominent Indian businesses, including Infosys and Zensar, in order to generate interest in investing in the U.K., according to the Department for Business and Trade (DBT).
The visit coincides with Round 9 of negotiations this week between officials working on the U.K.-India free trade agreement (FTA). “It is fantastic to be in India again visiting the vibrant cities of Pune and Bengaluru to find out how our strong cultural and economic ties mean investors and business leaders continue to choose the UK,” said Mr. Johnson. Last October, he visited Mumbai and New Delhi and met with investors and businesses such as Apollo Hospitals, Prodapt, and Wockhardt.
Mr. Johnson plans to use his visit to promote
The Global Investment Summit 2023, will be held later this year in the U.K. and will bring together over 200 CEOs of multinational companies and investment corporations. The inaugural Summit in 2021 secured nearly 10 billion pounds of new foreign investment on the day, with this year’s event set to showcase emerging U.K. success stories in life sciences, deep tech, nuclear fusion, small modular reactors (SMRs), and manufacturing.
India is a “priority market”
According to the DBT, India is a “priority market” for the U.K., and Mr. Johnson’s visit is expected to help build momentum behind ongoing FTA negotiations between the two countries. The U.K.-India investment partnership is thriving, with over 28 billion pounds invested in each other’s economies supporting over half a million jobs, according to the DBT. Official U.K. government statistics show that total trade in goods and services between the two countries was 34 billion pounds in the four quarters to the end of Q3 2022, an increase of 51.7% or 11.6 billion pounds from the four quarters to the end of Q3 2021. India was the U.K.’s 12th largest trading partner, accounting for 2.1% of total U.K. trade.
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Conclusion
The visit by UK Investment Minister Jo Johnson to India is a significant step in strengthening the relationship between the two nations. By focusing on the tech sector, the UK and India can leverage each other’s strengths and create a synergy that benefits both. The visit presents several opportunities for UK businesses to invest in India’s tech sector and access its large and growing market. The UK and India’s Enhanced Trade Partnership also offers a platform for boosting bilateral trade and investment. Overall, the visit is a positive development for both nations and highlights the importance of economic partnerships in today’s globalized world.
Source: The Hindu
