London: Ahead of a virtual summit between BRITISH PM Boris Johnson and Indian PM Narendra Modi, the British government on Tuesday approved a one billion pound investment agreement with India to create more than 6,500 jobs. Britain's PM Office had confirmed the investments on Monday evening, part of the Advanced Trade Partnership (ETP), which the two leaders will formally sign during their talks.
Under the ETP, an ambitious target will be set to double bilateral trade between UK-India by 2030 and efforts will be made to move forward towards a Comprehensive Free Trade Agreement (FTA). The British PM said, "Like all aspects of UK-India relations, our economic relations empower and secure our people. More than 6,500 jobs announced today will help families and communities recover from the corona virus menace and boost the British and Indian economy.
With the help of a new partnership and a comprehensive free trade agreement signed today, we will double our trade partnership with India in the coming decade and take the relationship between the two countries to new heights, Johnson said. According to the trade and investment package announced by the British government, a new investment of 533 million pounds will be made from India in sectors such as uk health and technology. This includes an investment of 240 million pounds (approximately Rs 2500 crore) of serum institute of India (SII), under which a new sales office will be opened.