PM announces £1bn new commercial deals on landmark India visit

Prime Minister Boris Johnson will announce a raft of commercial agreements and hail a new era in the UK and India’s trade, investment and technology partnership, as he arrives in Gujarat today [Thursday] for the start of a two-day visit to India.

The Prime Minister will use his visit to India to boost our collaboration with one of the world’s fastest growing economies, slashing trade barriers for UK businesses and driving jobs and growth at home.

UK and Indian businesses will confirm more than £1 billion in new investments and export deals today in areas from software engineering to health, creating almost 11,000 jobs across the UK. That includes:

• A new Switch Mobility electric bus R&D centre in the UK and the opening of their Asia Pacific Headquarters in Chennai, generating over 1000 jobs in the UK in India;
• Investment from leading Indian manufacturer Bharat Forge and electric truck maker Tevva Motors to expand to a new site in the south-east and create 500 new jobs;
• Indian software company Mastek investing £79mn to create 1600 jobs over the next three years all over the UK;
• Business consultancy FirstSource opening new offices in South Wales, the Midlands and cities in the North-East and North-West.
• Hertfordshire-based firm Smith & Nephew agreeing a major export deal to sell robotic surgical systems in India, and Northamptonshire business Scott Bader opening a new resins factory to supply top renewable energy companies in south-east Asia.

The Prime Minister will also welcome OneWeb signing a historic contract for satellite launches with New Space India Limited, the commercial arm of the Indian Space Research Organisation. OneWeb is an innovative UK-based satellite communications company, which the Government has invested in put the UK at the forefront of rapidly evolving space technologies. This agreement with India is a significant development for the company’s operations.

Prime Minister Boris Johnson said:

As I arrive in India today, I see vast possibilities for what our two great nations can achieve together. From next-generation 5G telecoms and AI to new partnerships in health research and renewable energy – the UK and India are leading the world.

Our powerhouse partnership is delivering jobs, growth and opportunities for our people, and it will only go from strength-to-strength in the coming years.

The Prime Minister will visit a new factory being opened by a top British firm in Gujarat, as well as a biotechnology university working in collaboration with the University of Edinburgh.

The UK will confirm major new science and tech collaboration, including a Digital Health partnership and a joint investment fund for Indian deep-tech and AI start-ups, supported by the UK and Indian governments; new AI scholarships for Indian students jointly funded by the UK Government’s Chevening programme and India’s Adani Group; and a £6m investment from AI healthcare specialists Qure-ai to open a Centre of Excellence in the UK.

As he moves on to New Delhi on Friday, the Prime Minister will also use this week’s visit to drive progress in negotiations on the landmark UK-India free trade agreement, which is expected to help double our trade and investment by 2030. Negotiating teams will hold their third round of formal talks in India next week.

Work is already progressing on cutting red tape for businesses following the UK-India Enhanced Trade Partnership launched by both Prime Ministers last year, and today our governments will announce new measures to make it easier to export UK-made medical devices to India. This will support UK jobs and create opportunities for British med-tech companies like Redcar-based Micropore Technologies to sell their lifesaving products in India, an import market worth £2.4bn.