· Foreign
Secretary announces a series of tech and infrastructure
deals to boost jobs, promote our values and increase global
green growth
· As part of the UK-India 10
Year Roadmap, the Foreign Secretary will also announce a new
forum bringing together leading figures from the UK and India
· She will meet External
Affairs Minister Jaishankar and Environment Minister Yadav
Foreign Secretary will today (Friday 22ndOctober)
announce a series of tech and infrastructure tie-ups with India
to boost both economies and help developing countries grow
in a clean and sustainable way.
During a two-day trip to Delhi and Mumbai, the Foreign
Secretary will outline agreements to deepen investment ties
between the two countries and work together on finance
and technical support packages for the developing
world.
The deals include more tech transfer and knowledge sharing with
developing countries alongside heavy capital investment – a model
that the UK is looking to replicate with partners around the
world. The agreements will help drive forward the Build Back
Better World Initiative launched by G7 leaders in June to help
meet the huge clean infrastructure need in the
developing world.
The Foreign Secretary wants to strengthen the UK’s economic,
technology and security links with fast-growing economies and
like-minded partners and build “a network of
liberty” around the globe. Closer ties with like-minded
democracies such as India are key to that ambition. In May, the
Prime Minister and Indian Prime Minister Modi agreed a new
roadmap to strengthen our partnership.
The Foreign Secretary will meet External Affairs
Minister Subrahmanyam Jaishankar and Environment
Minister Bhupender Yadav in Delhi to outline her vision and
discuss areas for closer collaboration, before heading to Mumbai,
where she will visit the UK Carrier Strike Group on its most
substantial port visit to date.
During the trip she will announce:
· A £11.5m UK investment in
two venture capital funds aimed at supporting India’s transition
to cleaner energy. Both funds will return profit to the UK
taxpayer and make use of UK expertise.
· A $70m (£50.4m) investment
by the Foreign, Commonwealth & Development Office’s
investment arm CDC to fund green tech infrastructure projects
across India through the joint Green Growth Equity Fund.
· £500k UK Research and
Innovation (UKRI) investment to build a new virtual network of UK
and Indian labs working to promote Net Zero targets in key
industries including glass, cement, and metals.
Foreign Secretary said:
“I want the UK and India to step-up their partnership in
critical areas like technology, investment, security and defence.
India is the world’s largest democracy, a tech and economic
powerhouse and a vital strategic partner for the UK.
“Closer ties – including in areas like tech and
infrastructure – will deliver jobs and growth in both countries,
boost developing world economies and help us promote our
values on the global stage.”
The Foreign Secretary and Minister Jaishankar will announce
a new Strategic Futures Forum, bringing together leading figures
from Government, business and academia in both countries to drive
closer links in priority areas like tech and security and shape
the longer-term, strategic vision for our partnership.
Both the UK and India are known for their tech expertise. Britain
has the third largest number of tech ‘unicorns’ in the world, the
name given to a start-up which is valued at over $1 billion.
India has the third highest number of tech start-ups in the
world.
The Foreign Secretary is due to meet Environment Minister Yadav
later today to discuss climate targets. She will underline the
importance of making concrete progress on climate change ahead of
the upcoming COP26 Summit and will note that India already leads
the world in renewable technology and express her hope that they
will commit to a more ambitious Nationally Determined
Contribution.
Tomorrow in Mumbai, Liz Truss will speak to Indian
business leaders at a Build Back
Better World roundtable to help boost infrastructure in
the developing world.
