Last reviewed 11 May 2021
More than 6500 new jobs will be created around the UK thanks to £1 billion of new UK-India trade and investment announced by Prime Minister Boris Johnson.
The package contains over £533 million of new Indian investment into the UK, which is expected to create more than 6000 jobs in vital and growing sectors such as health and technology, he confirmed. This includes a £240 million investment by the Serum Institute of India in the UK into their vaccine business and a new sales office which will create a large number of jobs.
The sales office is expected to generate new business worth over $1 billion, £200 million of which will be invested into the UK. Serum’s investment will support clinical trials, research and development and possibly manufacturing of vaccines.
British businesses have also secured new export deals with India worth more than £446 million, which will drive UK growth and create more than 400 British jobs, the Prime Minister said.
The two countries have agreed an Enhanced Trade Partnership intended to unlock new opportunities for British businesses exporting to India and Indian businesses investing in the UK.
“In the decade ahead, with the help of the new Partnership signed today and a comprehensive Free Trade Agreement (FTA), we will double the value of our trading partnership with India and take the relationship between our two countries to new highs,” Mr Johnson said.
The Enhanced Trade Partnership creates immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector, he explained.
Non-tariff barriers on fruit and medical devices will be lowered — allowing British businesses to export more of their products to India and boosting UK growth and jobs.