New Delhi: UK Investment Minister Lord Jo Johnson has arrived in India to prioritize collaboration in the technology and life sciences sectors, while also promoting the Global Investment Summit 2023 and strengthening trade negotiations between the two nations. The visit coincides with the ninth round of negotiations between officials working on the UK-India Free Trade Agreement (FTA).
Joined by a delegation of UK business leaders, Lord Jo Johnson will engage in high-level discussions with Indian officials and entrepreneurs, focusing on collaboration, investment, and innovation in the technology and life sciences sectors. After arriving in Bengaluru, Johnson is set to visit Pune to meet investors and leading Indian businesses, including Infosys and Zensar.
This visit is particularly important as both countries are actively working to enhance their bilateral trade relationship. With India emerging as a global hub for technology and life sciences, the UK sees immense potential for collaboration in these sectors.
During the visit, UK Investment Minister Lord Jo Johnson will also promote the London-based Global Investment Summit 2023, which aims to attract investors from around the world to explore investment opportunities in technology, life sciences, and infrastructure.
Trade negotiations between India and the UK have been in progress, with both sides working towards finalizing a comprehensive FTA. The Investment Minister’s visit is expected to accelerate these discussions and emphasize the enhancement of bilateral trade and investment opportunities.
In the post-Brexit era, both nations are keen to strengthen their trade partnership and harness the potential of their respective economies. Collaborating in the technology and life sciences sectors, India and the UK hope to unlock new opportunities for growth and global collaboration.
The UK-India investment partnership is thriving, with over £28 billion invested in each other’s economies, supporting over half a million jobs. According to official UK government statistics, total trade in goods and services between the UK and India was £34 billion in the four quarters to the end of Q3 2022, an increase of 51.7% or £11.6 billion from the four quarters to the end of Q3 2021. India was the UK’s 12th largest trading partner during that period, accounting for 2.1% of total UK trade.
The UK Investment Minister’s visit is set to pave the way for increased cooperation and partnership between the two countries, fostering a dynamic and innovative trade relationship that supports mutual growth and prosperity.