PM Modi to hold virtual summit with United Kingdom counterpart Boris Johnson today

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PM Modi to hold virtual summit with British counterpart Boris Johnson on Tuesday

The package contains over £533m of new Indian investment into the United Kingdom, which is expected to create more than 6,000 jobs in vital and growing sectors such as health and technology. £200m of these deals will support low carbon growth.

This includes a £240 million investment by the Serum Institute of India in the United Kingdom into their vaccine business and a new sales office which will create a large number of jobs.

On Friday, the United Kingdom announced it will host next year a summit with the Coalition for Epidemic Preparedness Innovations (CEPI) - a leading scientific coalition - to raise funds for vaccine research and development. This will help the United Kingdom and the world to defeat the coronavirus pandemic and other deadly diseases. Serum has already started phase one trials in the United Kingdom of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC, it said.

It was cancelled due to the national lockdown in the UK. This export deal is worth £200 million and will result in the creation of 100 new jobs in the UK.

This afternoon the Prime Minister will hold a virtual meeting with Prime Minister Modi to agree a deeper relationship between the United Kingdom and India across trade, health, climate and defence.

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This includes agreeing an Enhanced Trade Partnership.

India-UK Strategic Partnership since 2004 has been marked by regular high-level exchanges and growing convergences in diverse areas.

Among the others are KIGG systems smart meter test benches for electricity distribution companies; CyanConnode deal worth GBP 18 mn creating 30 new United Kingdom jobs; GoZero Mobility deal worth GBP 3.2 mn for e-bicycles; Agvesto deal worth GBP 3 mn; Revolut expansion into India creating 60 United Kingdom jobs; CDE Asia deal worth GBP 500,000; and Bio Products Laboratory biopharmaceutical finished products for rare bleeding disorders, deal worth GBP 62 mn.

Johnson was to visit India late last month.

The ETP agreed between India and the United Kingdom is said to create immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector.

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The ETP will set the ambition to double the value of UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). With nearly 1.4 billion people, India's population is bigger than the European Union and U.S. combined and by far the largest market the United Kingdom has committed to negotiating a trade deal with to date.

Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer.

"Week after week we are seeing how the vaccine rollout is helping to restore our freedoms - and with those freedoms I have absolutely no doubt that our economy will bounce back strongly".

An Enhanced Trade Partnership between India and the United Kingdom, which will be signed off during the prime ministerial virtual summit, also covers around 20 export deals clinched by British firms.

The Enhanced Trade Partnership agreed today creates immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector.

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It also commits both sides to addressing immediate market access barriers as well as continuing to seek further opportunities on the road to an FTA.

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