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In a significant move to enhance the UK-India partnership, Prime Minister Keir Starmer hosted a delegation of 13 Indian companies at Downing Street. This curated visit aimed to boost investment, create jobs, and deliver on shared economic growth ambitions between the two nations.
The visiting companies, collectively investing over £10 billion in the UK and employing tens of thousands across the country, represent a crucial link in the growing economic relationship between the UK and India. This meeting follows Prime Minister Starmer's recent encounter with Prime Minister Modi at the G20, where both leaders committed to an ambitious UK-India Comprehensive Strategic Partnership.
Current trade between the UK and India stands at an impressive £42 billion, supporting over 600,000 jobs across both economies. As negotiations for a trade deal continue, both nations aim to further economic growth and align with the Prime Minister's plan for Change.
India's significance as an investment partner for the UK is underscored by its position as the second-largest source of foreign direct investment projects for the fifth consecutive year. In 2023-24, India contributed 108 projects, creating 7,533 new jobs in the UK.
The delegation included representatives from major Indian companies such as Bharti Enterprises, Reliance Industries, and Tata Steel, highlighting the breadth and depth of Indian investment in the UK.
Prime Minister Starmer emphasized the vital partnership between the UK and India, expressing his delight in welcoming senior Indian business leaders to Downing Street. He reiterated the UK's ambitious focus on economic growth and innovation.
Business and Trade Secretary Jonathan Reynolds echoed this sentiment, noting the unmatched opportunities the UK provides for Indian businesses. He emphasized the government's commitment to deepening trade and investment links with India.
Sunil Bharti Mittal KBE, leader of the delegation and Founder and Chairman of Bharti Enterprises, highlighted the pivotal moment of this visit, with India on track to become a USD 5 trillion economy by 2027. He expressed optimism about the India-UK Free Trade Agreement negotiations, seeing significant opportunities for mutual growth and cooperation.
As announced by Prime Minister Starmer in November 2024, UK-India trade talks are set to relaunch in the new year, further solidifying the commitment to strengthening economic ties between the two nations.
This visit underscores the UK's dedication to deepening trade and investment links with India, recognizing its status as the fastest-growing large economy. As both countries look towards a future of increased collaboration and mutual prosperity, the strengthening of UK-India economic ties promises to bring significant benefits to both nations.