On April 1st, 2023, UK Chancellor Jeremy Hunt arrived in Bengaluru, India to participate in the G20 meeting, joining finance ministers and central bank governors from the world’s 20 largest economies. The meeting, which was held over two days, aimed to address key global economic issues, including economic growth, trade, and financial regulation.
Hunt’s attendance at the meeting marked a significant moment for the UK, as it seeks to strengthen its economic ties with India, one of the world’s fastest-growing economies. India is a key trading partner for the UK, with bilateral trade between the two countries reaching £24.4 billion in 2022. The UK is also one of the largest investors in India, with UK companies investing over £26 billion in the country over the past decade.
During his visit, Hunt met with Indian Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, where he discussed a range of economic issues, including trade and investment, financial regulation, and the digital economy. The meetings were aimed at strengthening economic ties between the UK and India, and identifying opportunities for collaboration and cooperation.
In his address to the G20 meeting, Hunt highlighted the importance of trade and investment in driving economic growth, and stressed the need for countries to work together to address global economic challenges. He also emphasized the UK’s commitment to free and fair trade, and the importance of protecting the rules-based international trading system.
Hunt’s visit to Bengaluru was also an opportunity to showcase the UK’s thriving tech sector, which has been a key driver of economic growth in the country in recent years. During his visit, he met with leaders from India’s technology industry, including representatives from Tata Consultancy Services and Infosys, to discuss opportunities for collaboration and innovation.
The UK’s tech sector has a strong presence in India, with many UK companies choosing to outsource their software development and engineering operations to the country. The sector is expected to continue to grow in the coming years, with the UK and India collaborating on a number of initiatives aimed at promoting innovation and entrepreneurship in the tech sector.
In addition to promoting economic ties between the UK and India, Hunt’s visit also highlighted the importance of international cooperation in addressing global economic challenges. The G20 meeting was an opportunity for finance ministers and central bank governors from around the world to come together to discuss issues such as economic growth, trade, and financial regulation, and identify opportunities for collaboration and cooperation.
In his address to the G20 meeting, Hunt emphasized the importance of working together to address global economic challenges, stating that “by working together, we can achieve more than we can alone.” He also stressed the need for countries to embrace innovation and technology, and to ensure that the benefits of economic growth are shared by all.
The G20 meeting was an opportunity for the UK to showcase its commitment to free and fair trade, and to highlight its role as a global leader in innovation and entrepreneurship. Hunt’s attendance at the meeting was a significant moment for the UK, as it seeks to strengthen its economic ties with India and position itself as a key player in the global economy.
Overall, Hunt’s visit to Bengaluru for the G20 meeting was an important moment for the UK, highlighting the country’s commitment to free and fair trade, and its role as a leader in innovation and entrepreneurship. The visit also provided an opportunity to strengthen economic ties with India, one of the world’s fastest-growing economies, and identify opportunities for collaboration and cooperation on key global economic issues. As the world continues to face significant economic challenges, international cooperation and collaboration will be essential to ensuring continued economic growth and stability, and Hunt’s attendance at the G20 meeting was an important step towards achieving this goal.