The UK has hailed a “new era” of trade with India as the Prime Minister announces a raft of commercial agreements during his latest trip to India.
As well as trade, the new deal secures an investment and technology partnership that will help to bring in an additional £1 billion to UK and Indian businesses and create more than 11,000 jobs across the UK.
Some of the key partnerships announced by the Government, included:
- Investment from 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 specialist, Mastek, investing £79m to create 1600 jobs over the next three years in the UK; and
- Hertfordshire-based firm Smith & Nephew agreeing on a major export deal to sell robotic surgical systems in India.
Alongside these investments, the UK has confirmed a new science and technology collaboration with India, which will promote a joint investment fund for Indian deep-tech and AI start-ups and a new Digital Health partnership.
Boris Johnson’s latest visit to India has been designed to boost collaboration between the UK and one of the world’s fastest-growing economies by reducing red tape and trade barriers.
It is one of a growing number of free-trade and economic collaboration deals struck up by the UK Government since its departure from the EU trade bloc after Brexit.
The Prime Minister, Boris Johnson, said: “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.”
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