PM Modi, Theresa May hold their first bilateral talks in Hangzhou

Prime Minister Narendra Modi on Monday held his first bilateral talks with United Kingdom Prime Minister Theresa May, here on the second day of the G20 summit.

"Building opportunities with the United Kingdom. PM @narendramodi meets PM @theresa_may for their first bilateral," tweeted Vikas Swarup, Ministry of External Affairs official spokesperson.

"Cementing ties with UK, PM @narendramodi & PM @theresa_may hold talks on the sidelines of G20 Summit. @Number10gov," tweeted PMO.

This was the first bilateral meet between Prime Minister Modi and his British counterpart, who took charge as UK's premier on July 11 after David Cameron's resignation following Brexit.

The bilateral relationship between India and UK was upgraded to a strategic partnership in 2004 was further strengthened with the visit of former British prime minister Cameron to India in 2010 during which the foundation for enhanced partnership for the future was laid.

UK is the third largest inward investor in India, after Mauritius, and Singapore with a cumulative equity investment of USD 22.56 billion (April 2000- September 2015). UK ranks first among the G20 countries and accounts for around 9 percent of all foreign direct investment into India for the period April 2000 - September 2015.

Foreign Direct Investment in the last five years has dropped from USD 7.8 billion in 2011-12 to USD1.4 billion in 2014-15.

Prime Minister Modi's visit to UK from 12-14 November, 2015 took the relationship between the largest and the oldest democracies to new heights.

Earlier in the day, Prime Minister Modi said that fighting corruption, black money and tax evasion is the key to effective financial governance.

Intervening in the session on 'More Effective and Efficient Global Economic and Financial Governance' at the ongoing G20 Summit here in Hangzhou, he called for zero tolerance for corruption and black money and zero administrative, policy and treaty loopholes in this area.

He said that the G-20 member nations need to act to eliminate safe havens for economic offenders and track down and unconditionally extradite money launderers.