David Cameron to announce £9 billion deals during visit of PM Modi
LONDON: Trade deals worth £9 billion (12.7 billion euros, $13.7 billion) will be announced during Indian Prime Minister Narendra Modi's visit to Britain, David Cameron said on Thursday. Putting economic engagement at the centre stage of their relations, India and the United Kingdom will sign commercial deals of 9.2 billion pounds over the next three days as Prime Minister Narendra Modi began the bilateral visit to the country, first by an Indian Prime Minister since 2006. Addressing a business gathering, Modi referred to his government’s decision to invite FDI in 15 new sectors. “India is one of the most open countries for foreign investment… At this point of time, it is wiser to be in India,” he said, quoted by India express. After talks with Cameron, Modi became the first Indian premier to address Britain's parliament and was feted with a flypast by the Red Arrows aerobatics team, which trailed smoke over London in the colours of India's flag. Cameron announced the trade deals at a press conference and also revealed that £1.0 billion of Rupee-denominated bonds would be traded in London. "We want to forge a more ambitious, modern partnership, harnessing our strengths and working together for the long term to help shape our fortunes at home and abroad in the 21st century," he said. The deals are expected to include India buying more BAE Systems Hawk trainer jets, the same plane used by the Red Arrows for its armed forces.