UK Chancellor of the Exchequer Jeremy Hunt is in Bengaluru today to attend the meeting of G20 Finance Ministers and Central Bank Governors, in his first visit overseas visit since taking office.
During the visit he will meet with Indian Finance Minister Nirmala Sitharaman and a range of senior Indian business leaders, said a UK High Commission statement.
The trip aims to strengthen the already productive UK-India economic relationship and deepen ties to increase new investment and bring new jobs to the UK. With its rich reputation for a cutting-edge tech industry, the Chancellor will be meeting Indian tech CEOs and founders in Bengaluru to explore investment opportunities and how links with India can help the UK become the world’s next Silicon Valley, building on the UK’s $1 trillion (pound 827 billion) tech industry.
Hunt will also reaffirm “UK’s unwavering support for Ukraine as the war enters second year”.
India is projected to be the world’s third largest economy by 2050, with a tech industry that generated US$227 billion (pound 188 billion) in revenue in FY2022. It is already a significant economic partner for the UK, and the Chancellor is seeking to promote greater collaboration between the two countries, the statement said.
The Chancellor is attending the G20 alongside the Governor of the Bank of England Andrew Bailey. Both are focused on tackling inflationary pressures.
Jeremy Hunt, Chancellor of the Exchequer, said: “We already have a $1 trillion tech industry, but we want to go further to create jobs and wealth across the UK. To help us get there, we need to deepen investment connections with like-minded countries around the world – starting with our Indian friends who are fast becoming an economic superpower in their own right.”
Alex Ellis, British High Commissioner to India, said: “The UK is working with India to solve the world’s biggest challenges, through India’s ambitious G20 Presidency. As we work towards an ambitious free trade agreement to help double UK-India trade by 2030, it is great that the Chancellor can be here in Bengaluru, India’s Silicon Valley.”
