The Prime Minister’s first trade mission resulted in £1.2 billion worth of business between UK and Indian companies.
The Prime Minister used the visit to deliver on the ambitious vision for Britain after Brexit forging a new global role for the UK as a country with the self-confidence and the freedom to look beyond the continent of Europe.
The Prime Minister said:
Leaving the European Union presents us with a world of opportunities and I’m determined to seize them. That’s why I went to India to deliver on global Britain and I have to say that the response I’ve had here in India has been excellent. This is my first trade mission but we’ve seen on this visit deals worth a billion pounds being signed.
We have an agreement with the Indian government to work with them on our trade relationship. What that means is more trade for British businesses, more jobs and investment in the UK and that’s good for the whole country.
A number of commercial deals were signed during the visit, creating and securing jobs at home and demonstrating market confidence in the strength of the British economy following the EU referendum vote.
- Dynamatic and Airbus announced the commercial production of flap track beams which are high-tech guide rails fitted to the wings of the aircraft, crucial in controlling speed, direction and balance. The parts are machined in Dynamatic’s facilities in Swindon, and Bristol and then manufactured and assembled in Bangalore. Dynamatic signed a deal worth £205 million of which £120 million will benefit the UK economy and create 60 new jobs across Dynamatic’s 2 UK sites.
- Dyson is to open flagship stores in major cities across India including Delhi and Mumbai, as well as partner with leading retailers to make its technology available to Indian consumers. Dyson expects to set up in India in 2017 and generate around £150 million revenue over the next 5 years.
- Buffalo Grid uses solar energy to provide mobile power and internet services to off-grid communities. The company expects to export 500 solar-powered, internet-connected hubs to provide mobile power and internet to rural villages in India – connecting over 250,000 people living in some of India’s poorest villages. These hubs will be manufactured in the UK and will generate up to £24 million in revenue over 5 years.
- King’s College Hospital, Ernst and Young UK and Pricewaterhouse Coopers along with other leading UK health providers have signed a range of commercial and financial partnerships with the Indo-UK Institute of Health (IUIH) worth £300 million.
- Westminster Healthcare are investing £14 to £15 million in a pioneering diagnostic centre in India which will open in January 2017. The UK export value of goods and services will be approximately £10 million with a turnover of around £75 million over a 5-year period.
- Gurr Johns will provide services such as the valuation and appraisal of fine and decorative art, antiques and collectables to art enthusiasts and collectors across India. The deal is expected to generate a turnover of £50 million in the next 3 to 5 years.
- He-Man Dual Controls are setting up a manufacturing plant in Chennai, with a total investment and export value of £800,000 over the next 5 years.
- Equiniti India, an intelligent provider of sophisticated technology, administration, processing and payments services, has invested an additional £3.1 million as part of their expansion plans for India.
- Wockhardt, a leading Indian pharmaceutical and biotechnology company has a Sterile Manufacturing Facility based in Wrexham, North Wales which employs approximately 380 personnel. The site currently has capacity to manufacture and pack 25 million ampoules, vials and cartridges. It is now investing a further £10 million to enhance its existing manufacturing capabilities in Wrexham. This investment will result in an additional capacity of 50 million ampoules and vials and will also generate 40 to 50 new jobs.
- Pandrol Rahee Technologies Pvt Ltd is investing around £1.5 million to build a state of the art manufacturing unit in Hyderabad. The plant will manufacture specialised railway clips and is expected to generate £45 to 50 million in turnover over the next 5 years.
- London-based Kloudpad exports the very best of British designed technology and is investing £50 million into a new manufacturing plant in India. This will see profits soar by £300 million – bringing 50 new jobs into London.
- Firstsource Solutions, which has 7 centres across England, Scotland, Wales and Northern Ireland is adding 1,000 staff over the next 6 months. The Business Process Management company already employs 4,000 people in the UK. The firm also recently opened a centre in Warrington employing 250 people.
- Wipro announced the expansion of its Wipro Digital business with the opening of its second office, a 150-seater facility in London. Wipro Digital had unveiled a 75-seater digital pod in London last year. These 2 pods will together give Wipro Digital increased specialised capability in digital strategy, design and engineering. It will offer UK and global brands integrated and end-to-end digital transformation services.
With approximately 1.5 million people of Indian origin in the UK, the Indian diaspora plays a vital role in our national life. India is now our second largest international job creator – last year, India created 7,105 new jobs in Britain through 140 projects, and in total Indian companies currently employ over 100,000 people in the UK. We have unique ties between our 2 countries, and there is enormous potential to grow.
The Prime Minister visited 2 cities in India, starting with the capital New Delhi, where she inaugurated the India-UK TECH Summit alongside Prime Minister Modi. The TECH Summit, South Asia’s largest technology conference, providea a platform for promoting technology-intensive trade between the 2 countries.