India will make an investment of more than 1 billion pounds in the UK that will help create 5,750 jobs as a part of a new partnership forged during Narendra Modi’s visit to the UK. It includes a wide range of MoUs, initiatives across technology and agreements on trade and investment. On Wednesday, the British Government announced a trade partnership between India and UK after Prime Minister Modi held talks with Theresa May.
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UK’s department for International Trade mentioned that a range of new investments exceeding £1 billion will help create new jobs in the economy. This is a part of the new partnership that is built on the recommendation of the Joint Trade Review between the two countries. One of the best ways in which UK can capitalize on the predicted growth in the world market is by removing barriers to trade. Lian Fox, UK international trade secretary stated that he is delighted to have come to this new trade partnership with India. He added that the opportunities for growth in trade with India are plenty and as an international economic department, they will continue to use tolls like trade missions to help businesses of all sizes forge ties and cultivate relationships with investors and buyers. As per DIT, the total trade in goods and services between the UK and India stood at 18 billion pounds in 2017 which is a 15 percent rise from 2016.
This new partnership will help improve the accessibility of trade for businesses in India and the UK, as UK gets ready to leave the European Union. This partnership will focus on key sectors of information technology, life sciences and food and drink and will seek to reduce the barriers to trade. The UK plans to recruit a British cyber security expert based at the high commission in New Delhi in order to connect Indian private and public sector organizations with UK companies who can supply their requirements. The National Association of Software and Services Companies and tech UK have set up the UK-India Tech Alliance that will facilitate collaboration on building future skills into new technologies by nurturing skill base in the UK and India. There was an announcement of the Technology Summit II which will help in autumn 2018 in order to bring together the greatest UK and Indian tech scientists, innovators, policy makers and entrepreneurs to work together to design solutions to challenges. Both the countries have agreed on an overarching cyber relationship framework that will enable the development of a common and shared understanding of the international cyber activity and share strategies in order to promote user confidence in the security of Information and communication technology products and services. Further, to make it easier for Indian companies to operate in the UK, a Fast Track Mechanism will be set up to identify and resolve issues faced by the companies who are looking to establish operations in UK or are functioning in the UK.