A series of technology and infrastructure deals, including a £50.4 million investment to fund green tech infrastructure projects across India, will be announced by the United Kingdom during Foreign Secretary Liz Truss’ visit to the country, which begins on Friday and runs through Sunday.
A new “Strategic Futures Forum” will be announced as part of the India-UK 10-year roadmap by Truss and her Indian counterpart S Jaishankar, which will bring together leading figures from both countries’ governments, business, and academia to drive closer ties in key areas such as technology and security and to shape a long-term, strategic vision for the bilateral partnership.
The technology and infrastructure deals that will be finalized during Truss’ two-day visit are intended to increase green growth while also creating new jobs.
Through the joint Green Growth Equity Fund, she will announce a £50.4 million ($70 million) investment by the Foreign, Commonwealth and Development Office’s investment arm CDC to fund green tech infrastructure projects across India.
As part of the announcement, Truss will announce a £11.5-million British investment in two venture capital funds dedicated to assisting India’s transition to cleaner energy. An official statement from the British High Commission stated that “Both funds will return a profit to UK taxpayers while also making use of UK expertise.”
UK to invest 500,000 pounds
In addition, the United Kingdom Research and Innovation (UKRI) will invest £500,000 to establish a new virtual network of Indian and British labs dedicated to promoting net-zero targets in key industries such as glass, cement, and metals.
“I want the United Kingdom and India to step up their partnership in critical areas such as technology, investment, security, and defence,” Truss said in a statement released ahead of her arrival in India. India is the world’s largest democracy, as well as a technological and economic powerhouse, and it is a critical strategic partner for the United Kingdom.”
Greater cooperation between the two countries in areas such as technology and infrastructure “will create jobs and economic growth in both countries, boost developing world economies, and assist us in promoting our values on the global stage,” she continued.
Even though India has the third-largest number of tech start-ups in the world, the United Kingdom has the third-largest number of tech “unicorns,” or start-ups with a market capitalization of at least $1 billion.
Truss wants to strengthen Britain’s economic, technological, and security ties with fast-growing economies and like-minded partners, according to a statement. He also wants to create “a network of liberty” around the world, according to the statement. “Deeper ties with like-minded democracies, such as India, are essential to achieving that goal,” the report continued.