India-UK 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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Union Cabinet approves MoU between India and UK to support Ease of Doing Business in India

The Union Cabinet has given its approval to Memorandum of Understanding (MoU) between India and United Kingdom (UK) to support Ease of Doing Business in India.

The MoU was signed between both countries earlier in November 2016 during the official state visit of UK Prime Minister Theresa May to India.

Key Facts
  • The MoU will facilitate exchange Government officials from both countries to facilitate sharing of best practises, technical assistance and enhanced implementation of reforms.
  • The beneficiaries include the officials from India will include Central Government Ministries / Departments and State Governments.
  • It will facilitate various agencies of UK government to offer professional courses on capacity-building of frontline inspectors, better regulation drafting for officials, sharing of best practises, etc.
  • The collaboration is expected to expedite adoption of innovative practises by the India leading to easing of regulatory environment in country and fostering of conducive business climate in India.
Background

Currently, India is ranks 130th out of 190 economies in Ease of Doing Business (EoDB) as per Doing Business Report, 2017. On the other hand UK has achieved phenomenal improvement in EoDB rankings in recent years.

MoU for Cooperation in the Field of Intellectual Property

The Union Cabinet also approved to the MoU between India and UK for Cooperation in the Field of Intellectual Property (IP) signed in November 2016.  The MoU seeks to facilitate establishment of wide-ranging and flexible mechanisms for cooperation in the development of automation, new documentation and information systems in the field of IP.  It provides an opportunity for collaboration in training programmes, exchange of experts and technical exchanges and outreach activities. Its implementation will enhance capacity of the Office of Controller General of Patents, Designs & Trademarks (CGPDTM) to examine patent applications, which in turn will impact innovation positively.

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