It is fantastic to see India, the world’s largest democracy, take the global stage as host of the G-20, a vital forum for fostering international cooperation. The United Kingdom has long held the belief in trade as a force for growth and prosperity. It is why we advocate for free and fair trade at the World Trade Organization and why we are taking advantage of our newly recovered powers to forge trade deals with booming economies such as India. Collaboration on issues such as global value chains resilience and digitalisation of trade documents is key to harnessing the true value of global trade.
As India’s middle class grows to a quarter of a billion middle class consumers by 2050, any improvements on our current trading relationship could be a huge boost for U.K. businesses. It is no secret that the U.K. and India share a thriving trading relationship, which was worth £36 billion in 2022.
New figures from the U.K.’s Department for Business and Trade reveal that India retained its position as the U.K.’s second largest source of investment projects in the last financial year, with 118 new projects creating 8,384 new jobs across the U.K. And, importantly, our trade and investment relationship goes both ways. In fact, as India’s sixth largest investor, between April 2000 and March 2023, the U.K. has invested $34 billion in India in foreign direct investment. U.K. companies are also creating jobs and growth opportunities. There are 618 U.K. companies in India with a combined turnover of around $50 billion employing about 466,640 people directly as of 2021.
