UK and India agree to strengthen economic relationship to boost jobs

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LONDON:The UK and India have made agreements on financial services, infrastructure and sustainable finance on Wednesday, helping to boost jobs and investments for UK companies.

The landmark tenth Economic and Financial Dialogue (EFD) between the UK and India saw the Chancellor, Rishi Sunak, and the Indian Minister of Finance, Nirmala Sitharaman, meeting to build further economic ties between the two countries.

Nirmala Sitharaman

The UK and India have a strong investment relationship, with UK and Indian investments supporting over half a million jobs in each other’s economies. More than 800 Indian companies operate in the UK, employing more than 110,000 people.

The Chancellor and Minister of Finance discussed the importance of continuing to work together to deal with the global economic impact of Coronavirus – and tackling climate change through sustainable finance.

The Chancellor of the Exchequer, Rishi Sunak said: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK”.

Agreements reached today include:

A new UK-India Partnership on Infrastructure Policy and Financing which will help to open up infrastructure opportunities in India to UK commercial expertise and financing.

Chancellor Rishi Sunak,

Strengthening cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system

A fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech

Creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms

A new partnership in Gujarat International Finance Tec (GIFT) City, India’s flagship new international financial centre, which will create opportunities for UK firms

joint investment in research collaborations worth up to £8 million to understand the impact of Covid in South Asian populations in the UK and India

During the talks, the Chancellor championed measures to help the UK financial services industry win more business in India and welcomed the decision to allow Indian companies to list on the London Stock Exchange – the UK being one of only seven jurisdictions permitted.