70 Million Pound Investment, Economic Deals: UK On Minister's India Visit

The UK will invest GBP 70 million green tech infrastructure projects across India, and also fund GBP 11.5 million in two venture capital funds aimed at supporting India's transition to cleaner energy, it said.

70 Million Pound Investment, Economic Deals: UK On Minister's India Visit

Liz Truss was appointed as foreign secretary last month. (File photo)

India and the UK are expected to sign a series of tech and infrastructure deals during a two-day visit by the UK Foreign Secretary starting today. The visit will also be used to strengthen the economic and security ties between the two countries, the British government said. 

During her visit, UK Foreign Secretary Liz Truss will meet External Affairs Minister S Jaishankar and Environment Minister Yadav and sign a series of tech and infrastructure deals to boost jobs and increase global green growth, the British embassy in India said. 

The UK will invest GBP 70 million green tech infrastructure projects across India, and also fund GBP 11.5 million in two venture capital funds aimed at supporting India's transition to cleaner energy, it said. The investments are part of an initiative to help developing countries grow in a clean and sustainable way, it said.  

"The deals include more tech transfer and knowledge sharing with developing countries alongside heavy capital investment - a model that the UK is looking to replicate with partners around the world. The agreements will help drive forward the Build Back Better World Initiative launched by G7 leaders in June to help meet the huge clean infrastructure need in the developing world," the British embassy said in a statement. 

During their meeting today, Foreign Minister S Jaishankar and the UK Foreign Secretary will announce a new Strategic Futures Forum, bringing together leading figures from government, business and academia in both countries to drive closer links in priority areas like tech and security and shape the longer-term, strategic vision for our partnership. 

Both the UK and India are known for their tech expertise. While Britain has the third largest number of tech 'unicorns' in the world, India has the third highest number of tech start-ups in the world. 

Later in the day, the UK Foreign Secretary will meet Environment Minister Yadav and discuss targets on carbon emissions.

Tomorrow, Liz Truss will travel to Mumbai where she will meet Indian business leaders at a roundtable to help boost infrastructure in the developing world.

Liz Truss, who was appointed as foreign secretary last month, is the first high-profile UK leader to visit India after Prime Minister Boris Johnson was forced to cancel a planned visit to India this year due to surging COVID-19 cases there. Johnson, however, held a meeting with Prime Minister Narendra Modi virtually and agreed to a roadmap for deeper cooperation. 

Both India and the UK are also in early stage of trade talks. 

The British Foreign Secretary's visit comes as India and the UK hold  tri-service exercise off the west coast of India. According to the Indian Navy, the exercise - Konkan Shakti - is scheduled to be held in two phases.

" The harbour phase is planned at Mumbai from October 21 to 23, while at sea, the exercises will be conducted from October 24 to 27," said the release.

According to the release, the Indian Navy (IN) would be represented by three of its indigenously built stealth guided-missile destroyers INS Kolkata, INS Kochi and INS Chennai, two stealth frigates, INS Talwar and INS Teg, and the tanker INS Aditya.

The exercise will also see participation by IAF aircraft that include Jaguars, SU-30 MKI fighters, AWACS, AEW&C and Flight Refueling Aircraft.

Elaborating on the exercises at sea, the release informed, "The exercise at sea will feature advanced warfare tactics, Anti-Submarine Warfare exercises, over-the-horizon targeting drills, Air Defence Exercise, Cross Deck landings and other complex manoeuvres at sea."

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