International Trade Secretary has
concluded a 5-day visit (February 5-9), mapping the path to a
potential future free trade deal and deeper trading ties with the
world’s largest democracy.
The Secretary of State is today announcing that the Government
has helped to secure a number of investment wins that will create
jobs across the UK.
This includes a major investment by leading technology and
digital firm Tata Consultancy Services that will bring 1,500
high-skilled jobs to sites all over the UK.
Indian pharmaceutical and biotechnology giant Wockhardt has also
confirmed further investment in Wrexham, Wales, leading to more
than 40 new jobs and the extension of their Covid-19 vaccination
contract to ensure the UK has uninterrupted fill and finish
capacity for vaccines in 2022.
India is the fastest growing major economy in the world, with
longstanding ties to the UK and a potential market of 1.4 billion
people. On Saturday Truss agreed an outline of a new Enhanced Trade Partnership
(ETP) with India’s Minister of Commerce and Industry Piyush
Goyal, as part of the development of a roadmap that would lead to
a potential comprehensive FTA, including considerations on an
Interim Agreement on preferential basis.
It is an important part of the government’s plan to deepen links
with major economies of the present and future beyond Europe,
creating more trade and investment in strategic industries like
science, tech and services that will help the UK build back
better, greener and stronger from coronavirus.
Throughout the global pandemic India and the UK have supported
each other by keeping vital supply chains open, tackling
protectionism and collaborating on vaccine research - whether
that be the production of over a billion doses of our life-saving
Oxford/AstraZeneca vaccine at India’s Serum institute or
unlocking the export of nearly 3 million packets of paracetamol.
UK International Trade Secretary said:
India is the world’s biggest democracy and a nation that shares
our belief in free enterprise. Deeper trading ties will create
opportunities for UK businesses that were simply not there as
part of the EU, and set the stage for a much closer partnership
with one of the economic powerhouses of the present and future,
ensuring more investors like Tata Consultancy Services bring
jobs and growth to the UK.
We will be collaborating much more closely in the industries of
tomorrow like science, tech and green growth, so we can build
back better and deliver an export-led, investment-led, jobs-led
recovery from coronavirus.
The UK-India trade relationship, worth £23 billion in 2019,
supports key industries such as technology and life sciences and
around half a million jobs in each other’s economies.
Life Sciences has been a priority sector for both nations, with
UK pharmaceuticals exports to India growing by 21.4% to £96.75m
in 2019. During her visit, the Secretary of State met with UK
respiratory digital health company, Smart Respiratory Products,
which is helping doctors in India manage their patients remotely
via a smartphone app and telemedicine platform.
The firm recently secured a £5m partnership with Indian company,
Care Ability Healthcare, to supply their Smart Asthma respiratory
solutions.
Demonstrating the strength of the UK tech and life sciences
sector, AI healthcare start-up Behold.AI announced during the
visit that it has partnered with India’s Apollo Group to provide
a diagnostic tool which can quickly analyse chest x-rays to aid
in screening COVID-19 positive patients.
And UK firm Micropore, which specialises in equipment and support
services to enable pharma companies to improve the performance
and economies of their formulated products is setting up in
Hyderabad, India to supply its award-winning membrane
emulsification technology to its customers in the region and
neighbouring markets.
