BENGALURU: The UK Chancellor of the Exchequer, Jeremy Hunt, on Thursday attended G20 Finance Ministers and Central Bank Governors meeting in Bengaluru, in his first visit overseas visit since taking office. The trip aims to strengthen the UK-India economic relationship and deepen ties to increase new investment and bringing new
jobs to the UK.
With Bengaluru’s reputation for cutting-edge tech industry, Hunt met Indian tech CEOs and founders in Bengaluru to explore investment opportunities and how links with India can help the UK become the world’s next Silicon Valley, building on the UK’s $1 trillion (£827 billion) tech industry.
The chancellor attended the G20 meeting alongside the Governor of the Bank of England, Andrew Bailey. His work at the G20 will also contribute to the UK government’s aims to halve inflation, grow the economy and reduce national debt.
India is projected to be the world’s third largest economy by 2050, with a tech industry that generated $227 billion (£188 billion) in revenue in FY2022. It is already a significant economic partner for the UK, and the Chancellor is seeking to promote greater collaboration between the two countries.
Jeremy Hunt said, “I want the UK to be the world’s next Silicon Valley — this is an ambition within reach, thanks to our status as a global financial powerhouse and home to world class universities and research institutions. We already have a $1 trillion tech industry, but we want to go further to create jobs and wealth across the UK. To help us get there, we need to deepen investment connections with like-minded countries around the world – starting with our Indian friends who are fast becoming an economic superpower in their own right”.
Alex Ellis, British High Commissioner to India, said, “The UK is working with India to solve the world’s biggest challenges, through India’s ambitious G20 presidency. As we work towards an ambitious free trade agreement to
help double UK-India trade by 2030, it is great that the Chancellor is here in Bengaluru, India’s Silicon Valley”.
Hunt discussed with other G20 members ways to address issues such as elevated global inflationary pressures and the instability in energy and food prices that are being exacerbated by the Russia-Ukraine war. The Chancellor and Bank of England Governor also joined a meeting of G7 Finance Ministers on Thursday.