India-International Relations Current Affairs

India becomes Fourth Largest Foreign Investor into UK

As per the official figures published by the UK’s Department for International Trade, India has become the fourth largest foreign investor into the UK in 2016-17. India has lost its position as the third largest investor to France.

Salient Facts

In 2016-17, India had set up 127 new projects and safeguarded 7,645 existing jobs and created 3,999 new jobs in the UK. India is sharing the fourth spot with Australia and New Zeland, which had also set up 127 projects collectively.

The US remains the top most investor in the UK by setting up of 577 projects in 2016-17. China (including Hong Kong) with 160 projects and France with 131 projects have been placed in the second and third positions respectively.

Background

The UK continues to be a great inward investment destination and remains extremely attractive to foreign investors even after its decision to exit the EU. The UK attributes open, liberal economy, world-class talent and business-friendly taxation as a reason for remaining extremely attractive to foreign investors. The UK had managed to attract more Foreign Direct Investment (FDI) projects than ever before for 2016-17. In a sum, UK claims itself as the number one destination for inward investment in Europe with the sectors such as technology, renewable energy, life sciences and creative industries all witnessing an increase in the number of projects and investments.

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Prime Minister Modi’s Israel Visit: Other Important Takeaways

Prime Minister Narendra Modi’s three-day visit to Israel which is the first by an Indian prime minister to Israel resulted in the signing of seven agreements on areas including space, tech and agriculture. The other prominent takeaways of the visit are the following:

OCI card

Prime Minister Modi has assured faster facilitation of OCI cards for Jewish Citizens of Indian origin in Israel. He also assured that the OCI card will be given even to those people of Indian origin who had served in the Israeli government’s compulsory army service.

Air Connectivity

The launch of a new Air India flight connecting India and Israel was announced, the flight is expected to connect Delhi/Mumbai with Tel Aviv.

Israeli flower named after PM Modi

As a special gesture, a new fast growing Israeli Crysanthumun flower was named “MODI” after Prime Minister Narendra Modi, during the Indian Premier’s visit to the Danziger flower farm, which is one of the leading floriculture companies of Israel having founded in 1953.

Strategic partnership

India and Israel have announced that they have elevated their ties to a strategic partnership as India has identified Israel as a major development and technological partner. Both countries have also agreed to combat growing radicalization and terrorism and expand co-operation in cyber security.

Indian Cultural Centre

Prime Minister Narendra Modi has announced the establishment of an Indian Cultural Centre in Israel to enhance people-to-people contacts between the two countries. Israel’s has also voiced its strong support to promote the practice of yoga by designating June 21 as International Yoga Day.

Israel India Innovation Initiative Fund (I4F)

The $40 million Israel India Innovation Initiative Fund has been launched as a five-year technology fund with an aim at growing the business relationship between both the countries. The similar type of fund had boosted Israel’s ties with that of the US in the past 40 years.

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