UK Announces 17 New Trade and Investment Deals with India

New Delhi, Feb 27 (KNN) The UK announced 17 new trade and investment deals during Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson’s visits to India this week.

These agreements underscore the strengthening economic ties between the two nations.

The UK government highlighted that India’s latest Union budget has created additional opportunities for British insurance firms.

The recent increase in foreign direct investment (FDI) limits in India’s insurance sector—from 74 per cent to 100 per cent—has provided British companies with a greater potential to expand in the country.

In addition to insurance, the UK, home to the world’s third-largest technology economy, is seeing an increased presence of its tech firms in India. Several UK technology companies have announced plans to expand in India, further accelerating their global growth.

Although specific details of the new trade and investment deals have not been disclosed, Reynolds emphasised the importance of technology and life sciences in fostering UK’s economic growth.

He noted that these agreements, supported by the UK government, will contribute tens of millions of pounds to the economy.

Currently, over 950 Indian-owned companies operate in the UK, while more than 650 UK firms have established their presence in India. Together, these businesses support over 600,000 jobs across both economies.

Recent Indian investments in the UK, valued at over £100 million, are expected to generate hundreds of new jobs in AI, professional services, and textiles over the next three years.

Minister Gustafsson hailed these investments as a testament to the UK’s attractiveness as a business destination, reinforcing its commitment to fostering global trade relations.

Both countries have also relaunched negotiations on a Free Trade Agreement, aiming to boost job creation and economic growth in both markets.

(KNN Bureau)

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