India is a long-standing and important ally of the UK. Having moved from Agra to the UK as a child, I am extremely proud of the bond between our two nations, and the strength of this friendship is testament to the Indian diaspora here in the UK.
Despite our nations being thousands of miles apart, the UK and India’s shared aims on the world stage make us natural partners internationally. The UK is one of the world’s oldest democracies; India is the largest. Both countries are committed to encouraging innovation, business entrepreneurship and tackling climate change.
As Business Secretary, I know our partnership is incredibly important to both countries. UK investments in India support 450,000 jobs, and Indian investments in the UK support 110,000 jobs. Our trade relationship is now worth £24 billion, and has grown by 45% since 2010. Last month, I was pleased to see the UK and India strengthen these ties further, by agreeing to explore the potential for a deeper trade relationship, removing barriers for trading across a range of sectors.
Further opportunities are presented as the UK leaves the EU transition period at the end of this year. Last year, over 37,500 Indian students received a study visa – a testament to the exceptional talents of Indian students but also the continued contribution of the Indian diaspora to the UK’s economy and culture in communities across the country. Changes to our immigration system when we leave the EU, including the new graduate route recently announced, will enable future international students to stay in the UK for between 2-3 years following the completion of their course - making it easier for India’s best and brightest young people to secure skilled jobs in the UK.
During the coronavirus pandemic, the value of our friendship has again asserted itself. The UK is leading the race to develop a vaccine, with a promising portfolio of vaccine candidates being developed at speed. India’s Serum Institute, the country’s largest vaccine manufacturer, has struck a deal to access the coronavirus vaccine being developed by British scientists at Oxford University. If the vaccine is successful, the deal will mean India’s Serum Institute will be able to manufacture doses of Oxford’s vaccine for people in India and across the developing world, whilst the UK manufactures the vaccine for the British public.
The UK is hosting the 26th United Nations Climate Change Conference (COP26) in Glasgow next November and I have the honour of serving as COP26 President. This key forum is another opportunity for us to work together to tackle the urgent threat of climate change.
I want the UK and India to be ambitious when it comes to accelerating the transition to renewable sources of energy. Recently, the UK went over 2 months without using any electricity from coal power plants - for the first time since the industrial revolution. India’s goal to source 450GW of power from renewables is one of the most ambitious in the world. As partners, we’ve funded a combined total of £240 million seed capital into the Green Growth Equity Fund, a joint UK-India fund for sustainable energy projects, to help India achieve this impressive aim.
Together we are spearheading international efforts for urgent adaptation and resilience action to protect our planet. India is the host of the Coalition for Disaster Resilient Infrastructure, and I am proud to co-chair the initiative as the UK’s representative. The Coalition is a voluntary international grouping, linking governments, UN agencies, banks, private sector groups, and academia to develop the resilience of infrastructure systems to climate and disaster risks.
In the year ahead, I look forward to playing my part in ensuring that the UK and India continue to harness our strong partnership to support both our countries build back better from Coronavirus, delivering a green recovery and building on our trade and business links. I am confident that our shared values, commitment to tackling global issues and economic ties will help both our countries prosper.
Alok Sharma MP is the Secretary of State for Business, Energy and Industrial Strategy, and President of the 26th United Nations Climate Change Conference