Mumbai, Jan 15 (GCBusiness) The government of Maharashtra and UK India Business Council (UKIBC) has signed a Memorandum of Understanding (MoU) here to increase connections between UK businesses and the
state, that will boost investments and economic growth and create jobs for both.
The MoU was signed on Monday by P Anbalagan, CEO on behalf of MIDC (Maharashtra Industrial Development Corporation), the premier industrial infrastructure development agency of the Government of Maharashtra, and Richard McCallum, MD of UKIBC, in the presence of state industries minister Subhash Rajaram Desai.
Speaking on the occasion, Anbalagan said, ‘Wherever you look’ in finance, technology or education, our economic and personal ties are thriving and there is scope and willingness on both sides to do more.”
”The MoU establishes a broad-based understanding between the govt of Maharashtra and UKIBC that they will collaborate in areas of mutual interest to support their respective roles,” he added.
The deliberations focussed on the businesses’ investment plans in the state and the support needed from the government and local industries to realise these opportunities.
Maharashtra’s economy is witnessing a new momentum, with 30 per cent of the UK companies operating in India – including such industrial giants as JCB, Perkins Engines and Diageo – based in the state and employing about a quarter of a million people across the state.
Having topped the UKIBC’s 2018 ease of doing business survey for the state most improving business in the last 5 years, it is little mystery as to why 25 percent of India-based UK companies are now looking to expand further in Maharashtra in the next year.
Through a series of dialogues on the ease of doing business and annual ministerial and business delegation visits, MIDC and UKIBC will now be working together to facilitate trade and investment through collaboration, sharing information, promoting ease of doing business, and smoothing investor interactions in respective markets.
At the Summit, the delegation held round table meetings with both Maharashtra chief minister Devendra Fadnavis and Suresh Prabhu, minister of commerce and civil aviation, Government of India.
The deliberations focussed on the businesses’ investments plans in the state and the support needed from the government and local industries to realise these opportunities.