India, UK should move forward in structured manner in sectors such as critical minerals, rare earths, APIs: PM Modi

Mumbai (Maharashtra) [India], October 9 (ANI): Noting that nearly 50 per cent of the world's real-time digital transactions are taking place in India, PM Modi said on Thursday said that there is no area in which India and UK cannot expand cooperation and combination of India's talent and scale and the UK's Research and Development and expertise has the potential to achieve major results.

Addressing the India-UK CEO Forum, PM Narendra Modi called for greater cooperation in areas such as critical minerals and rare earths.

"We must move forward in a structured manner in strategic sectors such as critical minerals, rare earths, and APIs. This will also give our relations a futuristic direction," he said.

He suggested India and the UK should choose some areas, whether it is FinTech, Green Hydrogen, Semiconductors or Start-ups, in which the two countries are "jointly number one in the world".

PM Modi said extensive reforms are underway in the Indian economy and there is a strong focus on improving the ease of doing business while reducing compliance.

He stated that India is investing in next-generation physical infrastructure and is rapidly progressing towards its target of 500 gigawatts of renewable energy by 2030.

"I am pleased to announce that we are opening up the nuclear power sector to the private sector, and all this has created opportunities to take India-UK cooperation to new heights. I invite you to join India on this development journey." "Infrastructure development is a priority for us. We are investing in next-generation physical infrastructure. We are rapidly progressing towards the target of 500 gigawatts of renewable energy by 2030...Let India and the UK set global benchmarks together," he said.

"Today, extensive reforms are underway in the Indian economy. There is a strong focus on improving the ease of doing business while reducing compliance. Recently, we announced GST reform. This will give new impetus to the growth story of our middle class and MSMEs, and will also expand opportunities for all of you," he added.

PM Modi said the UK's experience in financial services and India's DPI together can benefit people.

"You have all seen India's potential in the fintech sector. Today, nearly 50 per cent of the world's real-time digital transactions are taking place in India. The UK's experience in financial services and India's DPI together can benefit all humanity. To elevate our relationship to new heights, Prime Minister Starmer and I announced Vision 2035. This is a blueprint for our shared ambitions," he said.

"In an open democratic society like India and the UK, there is no area in which we cannot expand cooperation. The combination of India's talent and scale and the UK's R&D and expertise has the potential to achieve major results. Your cooperation and support is crucial to achieving these aspirations and ambitions in a targeted and time-bound manner," he added.

PM Modi said that in India today, there is policy stability, predictable regulations, and large-scale demand.

"Unprecedented opportunities exist in every sector, including infrastructure, pharmaceuticals, energy, and finance. It is also heartening that nine UK universities are opening campuses in India. In the future, the partnership between academia and industry will become the biggest driving force of our innovation economy," PM Modi said.

"Today, countless new possibilities for collaboration are emerging between us in areas such as telecom, AI, biotech, quantum, semiconductors, cyber, and space. We are also moving towards co-design and co-production in defence. Now is the time to accelerate our efforts to transform all these possibilities into concrete collaborations," he added.

British Prime Minister Keir Starmer also addressed the gathering.

He expressed confidence that India and the United Kingdom will double the bilateral trade from the existing approximately USD 56 billion before 2030.

"Mumbai is the city of enterprise. Mumbai is the city of endless possibilities. I welcome my friend, Prime Minister Keir Starmer, to Mumbai. I thank him for taking time out of his busy schedule to attend the Global Fintech Festival," PM Modi said.

Speaking at the India-UK CEO Forum earlier in the day, PM Modi said the Comprehensive Economic and Trade Agreement (CETA) between the two countries is not just a trade agreement, but a roadmap for shared progress and shared prosperity between the world's two largest economies.

"Today, our bilateral trade is approximately USD 56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time: PM Modi at the India-UK CEO Forum in Mumbai," he said.

"This year has been unprecedented, enhancing the stability of India-UK relations amid the current global volatility. During my visit to the UK in July this year, we signed the Comprehensive Economic and Trade Agreement (CETA). I deeply appreciate and congratulate my friend Prime Minister Starmer for his commitment and vision for this historic achievement. This is not just a trade agreement, but a roadmap for shared progress, shared prosperity, and shared people between the world's two largest economies," he added.

United Kingdom Prime Minister Keir Starmer, who is on a two-day visit to India, also addressed the the CEO Forum in Mumbai.

PM Modi said that along with market access, this agreement will strengthen MSMEs in both countries and it will also open new doors of employment for millions of youth.

"To ensure that this Comprehensive Economic and Trade Agreement (CETA) reaches its full potential, I would like to present four new dimensions to this CETA. These new dimensions of my CETA will perhaps broaden it considerably. 'C' stands for Commerce and Economy. 'E' stands for Education and People-to-People Relations. 'T' stands for Technology and Innovation. 'A' stands for Aspiration. Today, our bilateral trade is approximately $56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time," he said.

India and the United Kingdom took a major step in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) in July this year. (ANI)

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