British Prime Minister Keir Starmer has said his country has secured 6,900 new jobs and attracted £1.3 billion ($1.74 billion) in new investments from India across various sectors, including artificial intelligence (AI) and finance technology (FinTech). The U.K., on its part, announced several investments worth over £3.6 billion ($4.81 billion) in India.
Starmer, recently on a two-day trade mission to Mumbai, met Indian business leaders and finalized agreements expected to drive economic growth and create employment opportunities.
“These investments are a powerful endorsement of the U.K.’s global standing and economic potential. Nearly 7,000 new jobs spread across every region of our country will mean more opportunities, more innovation, and make working people better off,” Starmer said in a statement.
According to Business and Trade Secretary Peter Kyle: “India is now the fourth-biggest economy in the world, and by investing billions of pounds to back thousands of jobs from sectors as diverse as AI, education, and financial services, shows the scale of opportunity this presents for British businesses.”
“Their success in India will only grow as our new trade deal galvanises economic partnership, brings our two countries even closer together, and ultimately delivers economic growth right across the U.K.,” Kyle added.
Starmer was accompanied by a high-level delegation, including the Secretary of State for Business and Trade and a 125-strong business delegation, entrepreneurs, university vice chancellors, and cultural leaders.
This was Starmer’s first official visit to India, following Modi’s visit to the U.K. in July this year, when both countries signed the India–U.K. Comprehensive Economic and Trade Agreement (CETA) and adopted the India–U.K. Vision 2035. The India-U.K. trade agreement is expected to “lower tariffs on British goods being imported into India” and make trade “quicker, cheaper and easier.”
CETA, which aims to double bilateral trade by 2030 from the current estimate of $56 billion, is under the U.K.’s parliamentary ratification process, expected to conclude by early next year.
“Today, countless new possibilities for cooperation are emerging between us in fields like telecom, AI, biotech, quantum technology, semiconductors, cyber, and space,” India’s Prime Minister, Narendra Modi, said while addressing the India-U.K. CEO Forum.
“You have all witnessed Bharat’s [India’s] strength in the FinTech sector. Today, about 50% of the world’s real-time digital transactions take place in Bharat. By combining the U.K.’s expertise in financial services with Bharat’s Digital Public Infrastructure (DPI), we can create immense benefits for all of humanity,” Modi stated.
The U.K.-India Technology Security Initiative, launched in July last year, aims to increase collaboration with India in key and emerging technologies such as telecoms, critical minerals, AI, biotechnology, and semiconductors. Under the TSI, both leaders established the India–U.K. Connectivity and Innovation Centre, a joint hub focused on developing AI native networks for 6G, Non-Terrestrial Networks (NTNs), and cybersecurity for telecoms, with at least £24 million ($32.05 million) of joint funding in the first phase of the project, the statement said. Both leaders also reiterated the India–U.K Joint Centre for AI, advancing responsible and trustworthy AI across health, climate, fintech, and engineering biology.
Rise in Indian AI investments flowing into UK
Meanwhile, Indian foreign direct investments into the U.K. worth over £1.3 billion ($1.74 billion) include that of Linkfields, an Indian AI tech company, which is investing £10 million ($13.36 million) and creating 200 jobs in the U.K., according to a statement by the British government.
At the same time, EdSupreme, an Ed-Tech company specializing in AI and machine learning (ML) for pelvic floor physiotherapy, is also investing £10 million ($13.36 million) to create 100 jobs in the U.K. over three years.
AH Gamma, which leads the Futurenauts initiative and delivers education in AI, robotics, and automation, will invest £8 million ($10.68 million) and create 30 jobs over the next three years.
Everleaves Systems Private Limited, which offers an AI-driven multimedia platform, will invest £7 million ($9.3 million) and create 50 jobs over the next three years.
“The U.K.’s strengths in robotics, digital twin and AI technologies, and precision casting make it an ideal base for Modtech’s innovation-led expansion. Our investment will advance high-performance industrial processes, strengthen local supply chains, generate skilled jobs in the region, and reinforce the U.K.’s role in shaping the future of precision engineering through global collaboration,” Kishansinh Gohil, Managing Director of Modtech, said in the statement.
Modtech, based in Ahmedabad, Gujarat, in western India, is set to invest £17 million ($22.68 million) in the U.K. to develop advanced automation and investment casting technologies. This initiative will create 50 skilled jobs and deepen sustainable, innovation-focused manufacturing ties between India and the U.K.
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Key investments from the UK in India
The U.K., on its part, announced several investments into India worth over £3.6 billion ($4.81 billion). Some of the potential investments by U.K. companies into India include up to £1 billion ($1.34 billion) investment by Graphcore, part of the SoftBank Group (NASDAQ: SFTBF), in developing a new AI engineering campus in Bengaluru, which is expected to create 500 jobs in the local semiconductor industry.
On the other hand, the U.K.-headquartered fintech giant, Revolut, is looking to spend £500 million ($667.8 million) in its India business over the next five years to boost emerging payment systems and forex offerings. According to a report by Economic Times, Revolut is targeting 20 million users in India by 2030, positioning itself uniquely by developing its own licensed financial products. The company also plans to expand into credit and investment offerings in the future.
In April this year, Revolut said it received a Reserve Bank of India (RBI) license to “issue domestic prepaid cards and wallets in India.”
At the same time, Paysecure, a U.K.-based payments orchestration company, aims to generate £370 million ($494 million) in exports over the next five years by enabling seamless payments for U.K. businesses in India through partnerships with leading Indian banks and payment gateways.
On the other hand, FIDO AI intends to fuel its India business to £15 million ($20 million) by “deploying AI-driven leak-reduction technology and is already undertaking projects in Bangalore supporting the city’s water resilience”.
Likewise, Croftz plans to invest £1.5 million ($2 million) to scale its AI compliance solutions in India, simultaneously creating 50 jobs and £8 million ($10.69 million) in exports, while strengthening governance and risk management.
“Amid the current global instability, this year has been remarkable. It has strengthened the stability of Bharat–U.K. relations,” Modi said.
“I believe Indian and U.K. business leaders can together identify sectors where we can jointly become global leaders, whether it is fintech, green hydrogen, semiconductors, or start-ups,” Modi added.
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Source: https://coingeek.com/uk-india-tech-ties-grow-with-fresh-investments/
