New Delhi, Feb 26 (UNI) UK’s Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson announced 17 new export and investment deals during their visit to India this week.
There are already over 950 Indian-owned companies operating in the UK and over 650 UK companies operating in India, cumulatively supporting over 600,000 jobs across both economies, a statement from the UK High Commission in India said.
UK insurance companies in particular have gained more potential to expand in India following the recent Indian budget, which increased the amount of foreign direct investment (FDI) permitted in the insurance sector from 74% to 100%.
The UK has the third largest technology economy in the world, and a number of UK technology companies have also announced expansion into India, accelerating their growth journey.
Business and Trade Secretary Jonathan Reynolds said: “Tech and life sciences are two huge growth sectors for the UK economy.
“I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market.
“It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy.”
Recent Indian investments in the UK valued at over pounds 100 million in total are expected to create hundreds of new jobs over the next three years in a range of sectors including AI, professional services and textiles. These investments are proof of global investor confidence of doing business in the UK.
The trend of strong Indian investment into the UK in recent years is evident, with the last year-on-year change showing the value of inward FDI stock from India having increased 28% at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years.
Minister for Investment Poppy Gustafsson said: “The new Indian investment proves that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.
On Monday, in New Delhi, Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal announced the relaunch of talks on a free trade agreement between the UK and India that can support jobs and bring more growth across both economies.
Minister Gustafsson is visiting Mumbai and Bengaluru to champion free trade and promote exciting investment opportunities in the UK for Indian companies.
UNI RN