Indian finance minister Nirmala Sitharaman and UK chancellor of exchequer Jeremy Hunt address a joint press conference on the sidelines of the India-UK Economic and Financial Dialogue in New Delhi on September 11, 2023. (ANI Photo)
BRITAIN and India have agreed to launch a partnership to boost cross-market investment by the insurance and pension sectors, the Treasury said on Monday (11).
It said the UK-India Pensions and Insurance Partnership would support the growth of the sector in both countries, focusing on knowledge sharing, growing bilateral investment and diversifying risk.
The agreement follows the 12th UK-India Economic and Financial Dialogue attended by the chancellor of exchequer Jeremy Hunt and the Indian finance minister Nirmala Sitharaman in New Delhi.
Planned actions include the facilitation of pension fund delegation visits to each country and deepening knowledge-sharing on regulatory reforms in the insurance and pension sectors in the two countries.
It also involves the sharing of UK expertise to support the development of GIFT City – India’s international financial services centre – as a reinsurance hub.
“We welcomed the growing presence from UK financial institutions and look forward to further cooperation across all asset classes with a particular focus on green finance,” a joint statement by Hunt and Sitharaman said.