India, UK to ink £1bn deals

India, UK to ink £1bn deals
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India-Russia ties during Ukraine crisis to figure in Johnson-Modi talks

India and the United Kingdom will further cement their strategic, defence and economic ties by inking deals worth over one billion pounds during Prime Minister Boris Johnson’s ongoing visit. 

Johnson landed in Ahmedabad on Thursday and will arrive in New Delhi for a summit meeting with Prime Minister Narendra Modi on Friday. This is the maiden visit by Johnson to India as the Prime Minister.  He had to postpone his tour twice last year in the backdrop of a surge in corona cases in Britain and India.  He will be accorded ceremonial reception at the Rashtrapati Bhawan.

India’s ties with Russia in the backdrop of the ongoing conflict in Ukraine sanctions will be discussed in the summit with Modi, Johnson said on Thursday. The two leaders will meet in New Delhi on Friday.

Making this assertion in Ahmedabad after arriving from the United Kingdom on a two-day visit, Johnson said, “As I think everybody understands, India and Russia have historically very different a relationship, perhaps, than Russia and the UK have had over the last couple of decades. We have to reflect on that reality, but clearly, I’ll be talking about it to Modi.”

The conflict will figure in the summit with both sides exchanging their views.  However, Britain is likely to maintain its stand that it is not in the business of lecturing or telling other countries what to do, sources said here on Thursday.  The two leaders are also likely to review the long term consequences of the Ukraine crisis.

Giving details of his visit, the British High Commission said Johnson will announce a draft of commercial agreements and hail a “new era” in bilateral trade and investment ties.

It said the UK and Indian businesses will confirm more than one billion pounds ((1 GBP= Rs 99.63) in new investments and export deals in areas from software engineering to health, creating almost 11,000 jobs across the UK.

“As I arrive in India today, I see vast possibilities for what our two great nations can achieve together. From next-generation 5G telecoms and AI to new partnerships in health research and renewable energy -- the UK and India are leading the world,” Johnson was quoted as saying by the High Commission.

“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,” he said.         

The High Commission said Johnson will use his visit to India to “boost our collaboration with one of the world’s fastest-growing economies, slashing trade barriers for UK businesses and driving jobs and growth at home.”

It said the UK will confirm major new science and tech collaboration, including a digital health partnership and a joint investment fund for Indian deep-tech and AI start-ups, supported by the UK and Indian Governments.

“As he moves on to New Delhi on Friday, the Prime Minister will also use this week’s visit to drive progress in negotiations on the landmark UK-India free trade agreement, which is expected to help double our trade and investment by 2030,” the High Commission said.

It also informed negotiating teams will hold their third round of formal talks in India next week. Work is already progressing on cutting red tape for businesses following the UK-India Enhanced Trade Partnership launched by both prime ministers last year, the High Commission said.

“And today our Governments will announce new measures to make it easier to export UK-made medical devices to India. This will support

UK jobs and create opportunities for British med-tech companies like Redcar-based Micropore Technologies to sell their lifesaving products in India, an import market worth 2.4 billion pounds,” it said.

In Gujarat, the British Prime Minister visited a new JCB tractor factory set up by a top British firm as well as a biotechnology university working in collaboration with the University of Edinburgh.

The new investments worth one billion pounds will include setting up a new Switch Mobility electric bus research and development (R&D) centre in the UK and the opening of their Asia Pacific headquarters in Chennai.

The new initiatives also include Indian firm Bharat Forge and electric truck maker Tevva Motors expanding to a new site in the south-east and creating 500 new jobs, and Indian software company Mastek investing 79 million pounds to create 1,600 jobs over the next three years across the UK, according to the High Commission.

It said the new investments will also include business consultancy FirstSource opening new offices in South Wales, the Midlands. and cities in the North-East and North-West. The agreement will also include a  major export deal involving Hertfordshire-based firm Smith and Nephew’s decision to sell robotic surgical systems to India.

The India-UK relationship was elevated to a Comprehensive Strategic Partnership during the India-UK virtual summit held between Modi and Johnson in May last year.

The two sides then adopted a 10-year-roadmap to expand ties in key areas of trade and economy, defence and security, climate change and people-to-people connections among others.

Daily Pioneer
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