Indian trade deal secures £20m Yorkshire venture and 500 jobs

As the Indian Prime Minister Narendra Modi spends his second day with Prime Minister David Cameron, his visit signals a new employment opportunity in Barnsley as the company TVS is to open an advanced logistics facility.

As part of Team LEIDOS, the company works with the Ministry of Defence and has a £10 million deal with the Automobile Association (AA) to establish the first global roadside assistance brand in the Middle East, Africa and Asia.

It will create 100 jobs when it opens with 400 more in the future. Across the UK the deals signed between the two countries are said to have safeguarded 1,900 positions.

Prime Minister David Cameron said: “TVS opening a new £20m facility in Barnsley is fantastic news for the region and another example of business embracing the potential of the Northern Powerhouse zone.

“It will initially generate 100 new jobs for local people - with the number growing to 500 in the next five years. In addition, 50 new jobs will be created through market growth.

“This investment in the Barnsley region shows how our long-term economic plan is working for all of the UK by attracting investment and ensuring people have the chance to get on, offering them security and opportunity.”

As the world’s fastest growing economy, the Indian Prime Minister was keen to talk yesterday of his country’s digital capabilities and plans to develop their insurance services, finance, healthcare and energy sectors through British trade agreements.

For Britain, securing £1bn worth of bonds from Indian firms in London, will help secure it as the capital of global finance.

Speaking in London to business leaders and politicians at London’s Guildhall, Mr Modi said India and the UK could make each other’s dreams a reality.

Promising a “transparent and predictable” tax regime, he said his country had “recently been cited as the most attractive investment destination by Ernst and Young”.

“Ours is the country of vibrant youths and a rising middle class,” he said, adding: “We welcome your ideas, innovations and enterprises.”

Mr Cameron said: “The future of India is the future of one sixth of humanity.

“These are exciting times for an extraordinary country and a leader of great vision.”

The Indian economy is predicted to grow at 7.3 per cent this year.

Last year bilateral trade was worth nearly £20 billion.

Earlier in the day Mr Modi spoke in Parliament and is the first serving Indian PM to do so.

He said the history of the two countries was so closely intertwined that “there are many things on which it is hard to tell any more if they are British or Indian”.

He also said India views Britain as its “entry point to the EU”,

He said: “Yes we are going to other European countries as well, but we will continue to consider the UK as our entry point to the EU as far as possible.”

Will Straw, Executive Director, Britain Stronger In Europe, said Mr Modi was the latest in a string of world leaders to say that Britain is stronger, safer, and better off in Europe following President Obama and Chinese President Xi Jinping.

The Indian Prime Minister’s trip to London follows a state visit by President Xi last month, which also secured backing for the North of England.

During that visit the President spoke favourably of the Northern Powerhouse agenda and the importance of infrastructure investment.