UK officials unveil 17 new deals during India visit, boosting trade ties.
The United Kingdom has announced 17 new trade and investment agreements with India, further strengthening economic ties between the two nations. Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson revealed these deals during their visit to India this week.
The Indian government’s recent budget has also opened more opportunities for British insurance companies by allowing 100% foreign direct investment (FDI) in the sector, up from the previous 74%. Additionally, UK technology firms are expanding in India, leveraging its fast-growing market.
While specific details of the agreements remain undisclosed, Reynolds highlighted technology and life sciences as key sectors driving UK’s economic growth. He emphasized that the expansion of UK businesses in India will generate significant financial benefits.
Currently, over 950 Indian companies operate in the UK, while 650 UK firms have a presence in India. Recent Indian investments in the UK, exceeding £100 million, are expected to create jobs in AI, professional services, and textiles over the next three years.
Source: Rediff Money, PTI
