By- Tanisha Pandey
The United States of America has maintained itself as the number one source of FDI for the UK by delivering 462 projects and 20,131 jobs. United Kingdom’s government figures that were released on 10 July 2020 has shown that India has become the second-largest source of Foreign Direct Investment (FDI) for the UK by investing in 120 projects and creating 5,429 new jobs available in the United Kingdom.
According to The Department for International Trade (DIT) inward investment statistics for 2019-20 has laid that India has moved up from its previous third spot. It has been representing an overall 4 per cent FDI increase for the UK in 2018-2019, with 1,852 new inward investment in 2019-20.
The United States of America has maintained its position as the number one source of FDI for the UK by delivering 462 projects and 20,131 jobs. And then the list is followed by India, Germany, France, China, and Hong Kong.
• The number of Indian projects according to the last year report was 106 which resulted in 4,858 job creation. This difference with 120 India’s projects in the UK leading to 5,429 jobs creation in the financial year of 2019-20.
• New Zealand and Australia were responsible for 72 projects and the Baltic and Nordic region for 134, that is an increase for both the regions.
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• All the regions of England, Northern Ireland, and Wales saw an increase in the number of projects each nation has attracted.
• On the other hand, Scotland saw a decline in the number of projects from the previous year.
Relation between India and UK during India Global Week 2020:
Liz Truss well known as UK International Trade Secretary, while addressing the annual India Global week 2020 virtual summit mentioned that between the COVID-19 crisis, UK has been working with India to keep its supply chains open and keep trading routes alive. Truss added that as we emerge from COVID, it is vitally important that we don’t move to protectionism.
About a planned virtual India-UK Joint Economic and Trade Committee (JETCO) summit in 2020, she added that on the trade side, UK will not let the grass grow under the feet and both India and UK are carrying on negotiations virtually given the current crisis.