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'The UK is the largest G20 investor in India'
Transcript of a speech by Sir David King at the inauguration of UK Trade and Investment (UKTI) stand in New Delhi, 16 March 2016.
We believe in India. We want a stronger, wider, deeper partnership with India.
The UK is the largest G20 investor in India, and at the same time India invests more in the UK than the rest of the European Union combined.
More than £9 billion in commercial deals spanning a wide range of sectors including energy, insurance services, finance, healthcare, and information technology were agreed between the two countries during PM Modi’s UK visit in November 2015.
PM Cameron has said, ‘Team India, Team UK - together we are a winning combination’.
He has also stressed the UK’s commitment to help transform PM Modi’s vision for India’s growth into a reality.
PM Modi has described India’s engagement with the UK as an ‘unbeatable combination’ in forging successful partnerships that can bring immense benefits to both countries. During his address to the UK Parliament PM Modi said: ‘Strong as our partnership is, for a relationship such as ours, we must set higher ambitions. We are two democracies; two strong economies; and, two innovative societies.”
A key area of UK-India collaboration is on energy, including clean energy technology – an area that I am passionate about. I’m a strong advocate of the shift to low carbon and the UK was pleased to sign up to the mission innovation initiative at Paris that will, amongst other things, drive innovation in clean tech including smart grids.
That is why I am delighted to be here, welcoming UK companies at India Smart Grid Week 2016.
Our companies have expertise in several domains including energy storage, solar, demand response, decentralized generation and energy management. Each has a role to play in delivering the transition to low carbon, here in India, and the UK. And each has a role to play in bring jobs and economic growth to our countries.
I am therefore delighted to inaugurate our stand at India Smart Grid Week today.
My colleagues in the British High Commission are here to support you and I wish all the delegates a successful event.