A Leicestershire business has been involved in one of 20 export deals signed, as part of the newly agreed Enhanced Trade Partnership between the UK and India.
Morningside Pharmaceuticals, based in Loughborough, manufactures and supplies generic medicines to the UK and international export markets.
The business’ export deal is connected to researching, developing and licencing new pharma products and is among an extra £1 billion of agreed additional UK-India trade and investment, which looks set to create 6,500 jobs.
In announcing the deal, UK Prime Minister, Boris Johnson, said: “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer. Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies.
“In the decade ahead, with the help of the new Partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs.”
The package contains over £533m of new Indian investment into the UK, which is expected to create more than 6,000 jobs in vital and growing sectors such as health and technology, and £200m of these deals will support low carbon growth. The package includes a £240m investment by the Serum Institute of India in the UK into their vaccine business and a new sales office which will create a large number of jobs.
The 20 British businesses alongside Morningside have secured new export deals with India worth more than £446 million, which will drive UK growth and create more than 400 British jobs.
The announcement coincides with a plan from both sides to agree an Enhanced Trade Partnership, which it is hoped will unlock new opportunities for British businesses exporting to India and Indian businesses investing in the UK.
It is expected that the closer trading relationship will lead to the doubling of the value of UK-India trade by 2030, as well as signal of negotiations towards a comprehensive Free Trade Agreement.