Tuesday, 30 November 2021

UK PM announces 1 billion pounds trade deals with India

PTI

LONDON/NEW DELHI – Ahead of the virtual summit with Prime Minister Narendra Modi on Tuesday (May 4, 2021), British Prime Minister Boris Johnson announced one billion pounds of trade deals that include an investment of 240 million pounds by the Pune-based Serum Institute of India (SII). 

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

The investment by Serum Institute, according to the UK government, will be into their vaccine business and a new sales office that will generate new business worth one billion pounds. 

All in all, the announcement on a trade deal will create 6500 new jobs in the UK and includes over £533 million of new Indian investment. £200 million of these deals will support low carbon growth.

The UK sees New Delhi as its key partner in a post-Brexit world and has been increasing engagement as part of its Indo-Pacific tilt. 

This is to be noted that Johnson was also very keen on visiting India, twice in the last four months. But both the visits were cancelled due to the COVID-19 situation in India and the UK. 

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