UKIBC-MIDC ink MoU to explore newer biz avenues

The UK India Business Council has signed a Memorandum of Understanding (MoU) with the Maharashtra Industrial Development Corporation (MIDC) to help Maharashtra better its business environment and to strengthen its collaboration with the British businesses. The agreement was signed at a virtual roundtable by Dr P Anbalagan, CEO of MIDC, and Kevin McCole, MD, 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 major UK investors in Maharashtra. According to Kevin McCole, the signing of the MoU is important because, as the economies and societies recover from the Covid-19 pandemic, the need for expanded trade, investment, and collaboration between the UK and India will increase. B. Venugopal Reddy informed that Maharashtra looks forward to strengthen its business relations with the UK by diversifying and expanding the activities and a thrust on the manufacture of engineering components, capital goods and industry 4.0. They also discussed the economic and social contribution of the UK businesses in Maharashtra, their future investment plans, the State Government's plan to re-grow the economy, and the importance of international trade achieving the self-reliant India objective. Dr Anbalagan said, "MIDC reiterates its determination towards the sustenance of our enhanced relations between Maharashtra and the UK. The MoU reflects our enduring support to UK businesses showcasing their commitment toward intensifying strategic investment plans in Maharashtra." UKIBC’s annual report ‘Doing Business in India’ found that 30% of the UK companies running operations in India, including Perkins Engines and Diageo, are based in Maharashtra. UKIBC will support interactions between UK businesses and the State Government to provide direct feedback on ease of doing business and market access.