Serum Institute set to invest £ 240 million in UK – News

    Officials said British businesses had secured new export deals worth more than £ 446 million with India.

    The £ 1 billion trade and investment is to be announced on Tuesday during a virtual summit meeting between Prime Minister Boris Johnson and Prime Minister Narendra Modi, including a £ 240 million investment by the Serum Institute of India in the United Kingdom.

    The two Prime Ministers were scheduled to meet in January and April, but the Kovid-19 pandemic prevented Johnson from traveling to New Delhi on his first post-Brexit overseas trip, as Britain seeks new trade relations and a global path out of itself . European Union.

    Officials said the £ 1 billion package would include £ 533 million of new Indian investment in the UK, which is expected to create more than 6,000 jobs in key and growing sectors such as health and technology; £ 200 million of these deals will support low carbon development.

    Indian investment includes £ 240 million in its vaccine business by the Serum Institute of India and a new sales office in the UK, which is expected to generate over $ 1 billion of new business, of which £ 200 million will be invested in the UK .

    The Serum Institute’s investment will support clinical trials, research and development, and possibly the manufacture of vaccines. The institute has already begun a phase one trial of a one-dose nasal vaccine for coronovirus in partnership with Coronogics Inc.

    Officials said British businesses had secured new export deals worth more than £ 446 million with India.

    The summit aims to establish a new trade in the UK-India with deeper ties in trade, health, climate and defense relations, including an enhanced trade partnership, which ultimately leads to a free trade agreement.

    “Like every aspect of the UK-India relationship, economic relations between our countries make our people strong and secure. Johnson said each of the more than 6,500 jobs would help bring families and communities back from the coronavirus and boost the British and Indian economy.

    “In a decade, with the help of new partnerships and a comprehensive free trade agreement, we will double the value of our trade partnership with India and take the relationship between our two countries to a new height,” he said.

    Around 23 billion pounds of trade takes place between the UK and India every year. Both Prime Ministers intend to double the value by 2030. Britain wants India to reduce or remove tariffs by 150 per cent on whiskey and 125 per cent on automakers and other British products.

    The UK also seeks to remove barriers in the Indian legal services sector that prevent British UK lawyers from practicing international and foreign law in India, a move that would lead to the export of UK legal services and the import of UK legal services. Can increase significantly from India.

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