India and the UK will sign over more than 1 billion pound (Rs 83,000 crore) of business deals during the three-day visit of British Prime Minister Theresa May, at New Delhi. This is her first visit to a non European country, signalling the importance of New Delhi in a post-Brexit world.
Prime Minister Modi and Theresa May are both keen to expand business ties. She is looking to switch business deals with India, where the economy is boosting better than in rest of the world.
In a joint statement, it is announced by the government that an MoU is signed in the presence of Modi and Theresa May with the UK for cooperation in the field of intellectual property rights. The agreement, signed by the Department of Industrial Policy & Promotion and the intellectual property office of the UK, will explore exchange of ideas, trainings programmes etc, and outreach among the two countries.
Discussing on Modi’s vision of smart cities, Theresa said they have agreed on a new partnership that will help bring together government, investors and experts to work jointly on urban development, unlocking opportunities worth GBP 2 billion for British businesses over the next five years.
Take the capital that is required for India’s infrastructure – since the launch of the first masala bond in London in July, rupee-denominated bonds worth over GBP 900 million have now been issued, Theresa May said.
“And we expect a further 4 bonds with a total value of GBP 600 million to be issued in the next three months. This is a vote of confidence in the growth story of India. It is a vote of confidence in London as the world’s leading financial centre. Beside this, the UK has agreed to invest GBP 120 million in a joint fund that will lever private sector investment from London to finance Indian infrastructure. So, the potential to boost the commercial opportunities for both our countries is huge. On this visit alone, more than GBP 1 billion of business deals will be signed.”
India and the UK have agreed on a new programme of cooperation to build up the protection and enforcement of intellectual property rights, which enables greater certainty for business, May said, adding and the UK will share technical expertise on issues such as deregulation and tax to help make India an easier place to do business.