Ahead of the UK-India bilateral summit, Prime Minister Boris Johnson announced £ 1bn investment deals by Indian companies that will create 6,500 jobs in the UK. investment agreements is that of the Serum Institute of India (SII) in the amount of £ 240 million.
The SII investment is for the company’s UK vaccine business and a new sales office, an official statement said.
“The sales office is expected to generate more than $ 1 billion in new business, of which £ 200 million will be invested in the UK Serum investment will support clinical trials, research and development and possibly the manufacture of vaccines, “said the official statement.
As part of its plans, SII has already started UK Phase 1 trials of a single-dose nasal coronavirus vaccine, in partnership with Codagenix INC. Other major investment deals announced include those with Infosys, MPhasis, Wipro and Goila Butter Chicken, which will invest £ 3million and create 40 jobs.
Prime Minister Narendra Modi and Mr Johnson will hold a virtual summit on Tuesday where the two sides will hold a wide-ranging discussion on trade, health, climate and defense.