The UK India Business Council signed a Memorandum of Understanding (MoU) with Maharashtra Industrial Development Corporation (MIDC), the premier industrial infrastructure development agency of the Government of Maharashtra.
This business framework between the UKIBC and Government of Maharashtra will help the State to proactively better its business environment and strengthen its collaboration with British business.
The MoU was signed at a virtual roundtable by Dr P Anbalagan, CEO of MIDC and Kevin McCole, Managing Director, UKIBC in the presence of B Venugopal Reddy, Principal Secretary, Industries, Government of Maharashtra, Alan Gemmell, Her Majesty’s Trade Commissioner, South Asia, Department of International Trade and a range of major UK investors in Maharashtra.
“I am really pleased to be enhancing our already strong relationship with the Government of one of the most business-friendly states in India. We have already achieved a great deal together, and today’s signing of the MoU will take our partnership to the next level. This, I think, is vitally important because, as our economies and societies recover from the COVID-19 pandemic, the need for expanded trade, investment, and collaboration between the UK and India only increases,” said Kevin McCole, Managing Director, UKIBC on the occasion.
“Maharashtra state looks forward to further strengthen its business relations with the UK, by diversifying and expanding the activities and with a thrust on the manufacture of engineering components, capital goods and industry 4.0,” said B Venugopal Reddy, Principal Secretary (Industries) addressing the businesses.
Discussion at the roundtable focused on the economic and social contribution UK businesses make to Maharashtra, their future investment plans, the State Government’s plans to re-grow the economy, and on the importance of international trade to Modi achieving his self-reliant India objective.
“MIDC reiterates its determination towards the sustenance of our enhanced relations between Maharashtra and the UK. The MoU with UKIBC reflects our enduring support to UK businesses showcasing their commitment toward intensifying strategic investment plans in Maharashtra,” said Dr Anbalagan, CEO MIDC.
“I’m delighted that the UK business is looking to see what more we can do to support the ambitions of the Chief Minister and Government of Maharashtra. From banking and insurance services to supporting the city develop its infrastructure, UK businesses have been long-term partners here. Today’s MoU supports the Government’s focus on improving ease of doing business making India and Maharashtra – an even more attractive destination for British companies,” shared Alan Gemmell, Her Majesty’s Trade Commissioner, South Asia, Department of International Trade about the MoU.
The UKIBC’s annual Doing Business in India Report found that Maharashtra is regarded as the top destination for the improved business environment in India and, relatedly, the most common state that UK companies are looking to expand in. It is no surprise that 30 per cent of UK companies running operations in India, including industry giants like Perkins Engines and Diageo are based in Maharashtra.
UKIBC will support interactions between UK businesses and the State Government to provide direct feedback from businesses on the ease of doing business and market access. These interactions will take the form of dialogues, annual ministerial meetings, and various delegation visits.
UKIBC will also work towards future investment opportunities, strengthening its relationship with state governments, supporting its members in addressing their key asks and smoothing investor interactions in different markets.