On 3th July 2020, The UK India Business Council (UKIBC) signed a Memorandum of Understanding(MoU) with Maharashtra Industrial Development Corporation (MIDC), to improve the business relationship between India(Maharashtra) and the United Kingdom(UK).
The MoU was signed by Dr P Anbalagan, CEO of MIDC and Kevin McCole, Managing Director, UKIBC over a virtual platform.
Key People:
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 of Maharashtra.
Note:
More than 30% of British companies in India, including Perkins Engines and Diageo are based in Maharashtra.
Features of MoU:
i.The MoU will support the betterment of business environment and strengthen the indian collaboration with british companies by expanding the activities and increasing the manufacture of engineering components, capital goods and industry 4.0.
ii.The MoU supports the Government’s focus on making India(Maharashtra) a destination for UK based Companies by improving the ease of doing business in India.
iii.UKIBC will enable interactions in the form of dialogues, annual ministerial meetings, and delegation visits between the UK companies and the Maharashtra Government to give feedback on the ease of doing business and market access.
iv.In addition, UKIBC will work towards future investment opportunities and providing smooth interactions with investors in different markets.
Key Point:
Over the virtual meeting the discussion was focused on the social and economic contribution of International business to rebuild the Indian Economy and its importance achieving the objectives of Self Reliant India.
About UKIBC:
Group CEO– Richard Heald
Managing Director– Kevin McCole
Head Office– London, United Kingdom
