£1bn of new business deals at UK – India EFD

Tuesday July 26th, 2011

Chancellor George Osborne has announced £1bn of new UK business, trade and investment deals as he hosted Indian Finance Minister Pranab Mukherjee at the UK – India economic and financial dialogue (EFD).

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 $7.2bn BP-Reliance deal by the Indian Cabinet.

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.

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.”

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