February 26th 2025.
New Delhi: The United Kingdom, through its representatives Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson, proudly announced the success of their recent visits to India. During their time here, they were able to secure 17 new export and investment deals, a testament to the strong and growing partnership between the two countries.
One exciting development noted by the UK is the potential for British insurance companies to expand their presence in India thanks to the recent Union budget. With the increase in foreign direct investment allowed in the insurance sector from 74% to 100%, these companies now have even more room to flourish in the Indian market.
The UK takes pride in its booming technology economy, which ranks third in the world. As such, it was no surprise that a number of British technology companies have also announced their plans to expand into India. This move will not only accelerate their growth journey, but also contribute significantly to the UK economy.
While the specific details of the 17 deals are not yet known, Business and Trade Secretary Reynolds emphasized the importance of the technology and life sciences sectors in the UK's economic growth. He expressed his admiration for the businesses in these sectors and their decision to enter the Indian market, which is expected to bring in millions of pounds for the UK.
The UK also boasts a strong partnership with India, with over 950 Indian-owned companies operating in the UK and over 650 UK companies operating in India. Together, these companies support over 600,000 jobs in both economies. Additionally, recent Indian investments in the UK, totaling over 100 million pounds, are expected to create hundreds of new jobs in various industries over the next three years.
Minister for Investment Gustafsson highlighted the UK government's commitment to fostering a favorable business environment, which has resulted in increased confidence from Indian businesses to invest in Britain. She also expressed the UK's determination to continue promoting free trade and attracting investments from around the world.
The UK-India relationship is further strengthened by the relaunch of talks on a free trade agreement between the two countries, as announced by Reynolds and Commerce Minister Piyush Goyal on Monday. This agreement has the potential to create more jobs and drive economic growth in both nations.
Gustafsson's visit to Mumbai and Bengaluru is aimed at showcasing the UK's appeal as a business destination and promoting investment opportunities for Indian companies. With the UK's ambitious and collaborative approach, it aims to solidify its position as the top choice for global investors.
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