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• Jeremy Hunt, Chancellor of the Exchequer, today unveiled a series of shared economic and financial commitments with India, following talks with Indian Finance Minister Nirmala Sitharaman in Delhi
• the Chancellor welcomed India鈥檚 confirmation to explore London as a permitted jurisdiction for overseas direct listings of securities
• agreements also include the launch of a partnership to boost cross-market investment by the insurance and pension sectors and an initiative to share expertise in structuring and financing major infrastructure projects

皇冠体育app news that India will explore potential London listings follows recent changes to Indian regulation to allow domestic companies to access global markets and underlines the UK capital鈥檚 strength as a hub for international capital raising.

In addition, a new UK-India Pensions and Insurance Partnership will support the growth of the sector in both countries. 皇冠体育app partnership will focus on knowledge sharing, growing bilateral investment and diversifying risk, including through pension fund trade missions to encourage increased bilateral investment.

皇冠体育app launch of a UK-India Infrastructure Financing Bridge was also announced today. Co-led by Indian public policy think tank NITI Aayog and the City of London Corporation, the initiative will focus on sharing expertise in structuring and financing major infrastructure projects.

皇冠体育app announcements are part of a series of commitments unveiled following high-level meetings as part of the 12th UK-India Economic and Financial Dialogue (EFD).

Jeremy Hunt, Chancellor of the Exchequer, said:

鈥淚鈥檓 very proud of the progress we鈥檝e made through the UK-India EFD this time. It鈥檚 a big step forward to hear India confirming that they鈥檒l explore the London Stock Exchange as an international destination for the direct listing of Indian companies.

鈥淚 see India as Asia鈥檚 Silicon Valley and the UK as Europe鈥檚 Silicon Valley, so there鈥檚 a lot we can work on together.鈥�

Total trade between the UK and India was worth 拢36.6 billion in the last financial year, up over 34% year on year, with an 拢82 million increase in UK-Indian financial services trade over last year. EFDs are a regular way of deepening ties to grow the economies of both countries.

Investment between the UK and India so far already supports over half a million jobs across both economies, and UK businesses sold goods and services worth around 拢15 billion to India in 2022.

罢辞诲补测鈥檚 EFD was the first face to face meeting of its kind between a UK chancellor and Indian counterpart since 2017, with the most recent taking place virtually in 2021. India-UK trade has more than doubled since the first EFD in 2007.

Other major announcements as part of the EFD, include:

• 皇冠体育app signing of the UK guarantee to the World Bank to unlock an additional $1 billion of green financing in India. This will promote clean energy investment and support green growth targets,聽accelerating India鈥檚 climate transition and ability to meet COP26 commitments. It is hoped that it will encourage other international partners to support India and shape the world鈥檚 climate transition.
• Agreement to explore new investment opportunities in areas of shared priority, including leveraging institutional capital to invest in climate adaptation and green businesses in India. This builds on the success of the Green Growth Equity Fund, India鈥檚 first dedicated climate change fund backed by British International Investment.

皇冠体育app EFD follows Prime Minister Rishi Sunak鈥檚 visit to Delhi for the G20 leaders鈥� summit, where he announced that the UK will provide $2 billion to the Green Climate Fund 鈥� the biggest single funding commitment the UK has made to help the world tackle climate change, which will make a significant contribution towards the UK鈥檚 pledge to spend 拢11.6 billion on international climate finance, cementing our global climate leadership.

It also comes after the recently announced 鈥楢live with Opportunity鈥� campaign from the UK government, designed to showcase the deep bond between Britain and India and build on the continuous exchange of people, ideas and culture. 皇冠体育app campaign is part of the UK鈥檚 ambitions to double trade with India by 2030.

Bill Winters, CBE, Group Chief Executive, Standard Chartered and UK Chair of the India-UK Financial Partnership (IUKFP), said:

鈥淚 was delighted to lead a delegation of UK business leaders to accompany the Chancellor of the Exchequer to New Delhi and participate in the EFD. 皇冠体育app IUKFP is a crucial platform for UK-India cooperation on issues of critical importance to our respective financial and related professional services industries.

鈥淭his innovative public-private partnership has delivered real benefits for both our nations. We look forward to working with both governments to advance our shared goals, including deepening our bilateral trade and investment relationship, greening our financial systems, enhancing collaboration on financial innovation, and enabling cross-border data flows. India and the UK are natural partners, and there are valuable opportunities for us to learn from our respective successes and benefits to be gained by harnessing our full potential.鈥�

Chris Hayward, Policy Chairman of the City of London Corporation, said:

鈥淚 am delighted that the City of London Corporation is able to play a part in the Economic and Financial Dialogue (EFD) through the India-UK Financial Partnership and our co-sponsorship of the UK-India Infrastructure Financing Bridge (UKIIFB) with the National Institution for Transforming India (NITI Aayog). This new infrastructure initiative is aimed at leveraging the City of London鈥檚 expertise in structuring and phasing major projects to meet India鈥檚 infrastructure needs 鈥� smoothing the path for long-term sustainable investment into India.

鈥淭丑别 EFD marks the strength of the partnership between UK and India and lays an excellent foundation for future ventures between our financial and professional services sectors.鈥�