- Foreign Minister Announces Series of Technology and Infrastructure Agreements to Boost Jobs, Promote Our Values ââand Increase Global Green Growth
- As part of the 10-year UK-India roadmap, the Foreign Secretary will also announce a new forum bringing together prominent figures from the UK and India
- She will meet with Foreign Minister Jaishankar and Environment Minister Yadav
Foreign Minister Liz Truss will announce today (Friday, October 22) a series of technology and infrastructure mergers with India to boost both economies and help developing countries develop in a clean and sustainable way.
During a two-day trip to Delhi and Mumbai, the Foreign Minister will present agreements to deepen investment ties between the two countries and work together on funding and technical support programs for the developing world.
The agreements include more technology transfer and knowledge sharing with developing countries, as well as significant capital investments – a model the UK is looking to replicate with partners around the world. The agreements will help advance the Rebuild a Better World initiative launched by G7 leaders in June to help meet the huge needs for clean infrastructure in the developing world.
The Foreign Secretary wants to strengthen the UK’s economic, technological and security ties with fast-growing economies and like-minded partners and build a “freedom network” around the world. Closer ties with like-minded democracies such as India are key to this ambition. In May, Prime Minister and Indian Prime Minister Modi agreed on a new roadmap to strengthen our partnership.
The Foreign Minister will meet with Foreign Minister Subrahmanyam Jaishankar and Environment Minister Bhupender Yadav in Delhi to present her vision and discuss areas for closer collaboration, before traveling to Mumbai, where she will visit the UK Carrier Strike Group during its most important stopover to date. .
During the trip, she will announce:
- A UK investment of Â£ 11.5million in two venture capital funds aimed at supporting India’s transition to cleaner energy. Both funds will bring profits to the UK taxpayer and use UK expertise.
- A $ 70million (Â£ 50.4million) investment by the Foreign Investment Branch, Commonwealth & Development Office, CDC, to fund green technology infrastructure projects across India through of the Green Growth Equity Fund.
- Investing Â£ 500,000 in UK Research and Innovation (UKRI) to create a new virtual network of UK and Indian laboratories working to promote Net Zero goals in key industries such as glass, cement and metals.
Foreign Minister Liz Truss said:
I want the UK and India to strengthen their partnership in critical areas such as technology, investment, security and defense. India is the world’s largest democracy, a technological and economic powerhouse, and a vital strategic partner for the UK.
Closer ties, including in areas like technology and infrastructure, will create jobs and growth in both countries, boost economies in the developing world, and help us promote our values ââon the world stage.
Foreign Minister and Minister Jaishankar will announce a new Strategic Future Forum, bringing together prominent figures from government, business and academia from the two countries to strengthen ties in priority areas such as technology and security and shape the longer-term strategic vision of our partnership. .
The UK and India are both known for their technological expertise. Britain has the third largest number of technological “unicorns” in the world, the name given to a start-up valued at more than a billion dollars. India has the third highest number of tech start-ups in the world.
Foreign Minister is due to meet Environment Minister Yadav later today to discuss climate goals. She will stress the importance of making concrete progress on climate change ahead of the next COP26 summit and note that India is already the world leader in renewable technologies and express hope that she will engage in a nationally determined contribution. more ambitious.
Tomorrow in Mumbai, Liz Truss will address Indian business leaders at a Build Back Better World roundtable to help strengthen infrastructure in the developing world.