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£1bn UK-India trade deals will create 6,000 UK jobs, says PM

May 4, 2021 9:06 am
Boris Johnson with India's Prime Minister Narendra Modi [Source: BBC]

The Prime Minister Boris Johnson has announced new trade and investment deals with India worth £1bn.

It includes more than £533m of new investment from India into the UK, which is expected to create about 6,000 jobs.

Downing Street said the new partnership will “pave the way” for a future UK-India Free Trade Agreement.

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“The economic links between our countries make our people stronger and safer,” said Mr Johnson.

The deal, announced ahead of a virtual meeting with India’s Prime Minister Narendra Modi, includes a £240m investment by the Serum Institute of India, which will support clinical trials, research and possibly the manufacturing of vaccines.

Serum has already started phase one trials in the UK of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix.

Indian investment deals will create 1,000 new UK jobs each at health and tech firms Infosys, HCL Technologies and Mphasis.

Some 667 UK jobs will be created at Q-Rich Creations, 500 jobs at Wipro and 465 at 12 Agro.

“Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies,” said Mr Johnson.

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