UK inks JV to co-develop GIFT city in Gujarat

The United Kingdom has entered into a strategic partnership with India's fledgeling international financial services centre GIFT City in a joint venture. In the partnership, both the partners agreed to set up a new Fund of Funds to be managed by the State Bank of India group to route U.K.'s future capital investments into India. India and U.K. also signed a new infrastructure finance and policy partnership to help India execute its National Infrastructure Pipeline that envisages investments worth $1.4 trillion, at the tenth Economic and Financial Dialogue (EFD) between the two countries steered by U.K. Chancellor Rishi Sunak and Finance Minister Nirmala Sitharaman. Stressing that a bilateral partnership driven by U.K's deep capital markets and India's extraordinary economic dynamism can help show the way ahead for a global recovery. Both the partners have been able to announce a series of ambitious initiatives across trade, infrastructure, sustainable finance and research. This includes a new strategic partnership to develop the GIFT city, an opportunity to drive international capital flow from London to India.