The UK government yesterday announced the doubling of its national credit support for UK businesses exporting to India, during the visit of Commerce and Industry Minister Suresh Prabhu.
Prabhu held talks with Britain's Secretary of State for International Trade, Liam Fox, in London as part of the 12th meeting of the UK-India Joint Economic and Trade Committee (JETCO) to discuss greater cooperation between the two countries and identify barriers to trade and investment.
As part of the discussions, Dr Fox announced that the UK's national export credit agency, UK Export Finance (UKEF), has more than doubled its financial support to enable UK businesses to trade with India.
This means 4.5 billion pounds will now be available for UK companies exporting to India as well as Indian buyers of UK goods and services.
"India is the world's seventh-largest economy and the fourth largest investor into the UK, while UK investment in India grew by 8.8 per cent in the year to 2016.
"For the first time in 40 years, the UK is preparing for its own independent trade policy, and expanding our bilateral trade and investment with India will be central to that task. It's in our shared interest to boost prosperity, generate jobs, develop skills, and enhance the competitiveness of both our countries."
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