Britain will sign a trade and investment deal worth 1 billion pounds ($8.992 billion) with India under the framework of an ongoing meeting of G7 foreign ministers in London, the government said on May 4th.
British Prime Minister Boris Johnson and Indian Prime Minister Naremon Modi have announced an “enhanced partnership” in which the two countries will sign a 1 billion pound investment agreement, Russia’s satellite news agency reported Thursday.
The investment is reportedly expected to create more than 6,500 jobs in the UK in areas such as health and technology. The investment of 240 million pounds will be used by the Serum Institute of India in partnership with Codagenix INC of the United States to produce a single nasal injection of the Coronavirus vaccine, and the opening of a new sales office of the Indian Serum Institute in the United Kingdom.
In addition, British companies will sign new export deals with India of more than 446 million pounds, which will stimulate the UK’s economic growth.
On April 19th the British prime minister’s official residence issued a statement announcing that Mr Johnson had cancelled his planned visit to India. “Given the current situation in Coronavirus, Prime Minister Johnson will not be able to travel to India next week,” the statement said, but he will speak with Modi later in April to agree and launch plans for a future partnership between Britain and India.
On May 3, the foreign ministers of the G7 countries, comprising the United States, Japan, Germany, Britain, France, Italy and Canada, arrived in London for a meeting on May 4. Representatives of Australia, India, Japan, South Korea and South Africa will also be invited to attend.