Platform to allow British investors to bid for green infrastructure, technology and opportunities in India
Foreign Secretary Liz Truss has confirmed GBP70 million of British International Investment (BII) funding to support renewable energy use in India to help build renewable energy capacity and develop solar power in the region.
While in Delhi on 31 Mar 2022, she also confirmed plans for a new platform to allow British investors to bid for green infrastructure, technology, and business opportunities in India.
Current volatility in oil and gas prices and energy security concerns, as a result of Russia’s invasion of Ukraine, underscore the importance of India’s green transition and move towards energy self-sufficiency, says a British High Commission statement.
Since the 2030 Roadmap was agreed last year, the UK and India have launched free trade agreement (FTA) negotiations.
During her trip, Truss held talks to develop defence-related trade, including innovative security technology, strengthening defence ties with the world’s largest democracy.
Truss said, “Deeper ties between Britain and India will boost security in the Indo-Pacific and globally, and create jobs and opportunities in both countries.
“This matters even more in the context of Russia’s unprovoked invasion of Ukraine and underlines the need for free democracies to work closer together in areas like defence, trade and cyber security.
“India is an economic and tech powerhouse, the world’s largest democracy and a great friend of Britain, and I want to build an even closer relationship between our two nations.”
She will also work to deepen cyber security and defence co-operation between the two countries, and will announce a new joint cyber security programme, according to the statement.
The programme will aim to protect online infrastructure in both countries from attacks. India and the UK will work together to increase cyber security and carry out joint exercises to practise combatting threats from cybercriminals and ransomware.
The UK and India will also agree to closer maritime co-operation in the Indo-Pacific. The UK will join India’s Indo-Pacific Oceans Initiative and become a lead partner on maritime security issues, coordinating work with key partners in Southeast Asia.
This stronger partnership on maritime security builds on the visit to India last year by HMS Queen Elizabeth and the Carrier Strike Group (CSG) – a symbol of the UK’s world leading defence capability. The CSG took part in the most demanding exercise ever undertaken between the UK and India, involving all three military services.
Strengthening ties with India has been a priority for the Foreign Secretary since taking up the role. This is her second trip to the country as Foreign Secretary following her visit last October and her third as a Secretary of State in 13 months, said the statement.
Truss is in New Delhi as part of a wider diplomatic push following Russia’s illegal invasion of Ukraine last month.
In a meeting with India’s External Affairs Minister Subrahmanyam Jaishankar, the Foreign Secretary has underlined the importance of democracies working closer together to deter aggressors, reduce vulnerability to coercion and strengthen global security such as Russia’s invasion of Ukraine.
She countered Russia’s aggression and reduce global strategic dependence on the country ahead of key NATO and G7 meetings next week. fiinews.com
