The Chancellor hosted Indian Finance Minister Pranab Mukherjee at the UK - India economic and financial dialogue (EFD) today, while UK businesses signed over £1 billion worth of new trade and investment deals with Indian companies.
The EFD follows on from a British Government visit to India in July 2010 which saw the largest ever British Government delegation visit to the Indian subcontinent.
It comes after the UK became the largest inward investor into India last week, with the approval of a $7.2 billion BP-Reliance deal by the Indian Cabinet, which could eventually be worth up to $20 billion.
Against the current instability in parts of the global economy, the UK and India also agreed to work together to manage the risks the global economy currently faces and addressed the uncertainty and wider problems in developed and emerging economies.
Speaking at the EFD, the Chancellor, George Osborne said:
A year ago the Prime Minister led the largest British trade delegation of British business leaders and politicians to India. I am delighted today to welcome my Indian counterpart to London; Britain is now making the largest foreign investment in India. It shows that British companies are competing with the best in the world, despite some sceptical voices, and is good for growth in Britain.
Notes for Editors
- The full UK - India EFD press statement can be found on the Treasury website: http://www.hm-treasury.gov.uk/int_uk_india.htm
Full details of the investment and trade deals announced today can be found on the UKTI website: http://www.ukti.gov.uk/export/countries/asiapacific/southasia/india/news/171300.html
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