Maharashtra steps up efforts to remain India’s investment hotspot; signs MoU with UKIBC

The MoU was signed between the MIDC and the UKIBC to collaborate and share information that can help improve connections between UK businesses and the state of Maharashtra.

The ongoing COVID-19 pandemic has greatly impacted daily lives and the economy at large owing to the global lockdown and physical distancing measures in place. While globally and in Maharashtra, the healthcare systems have scaled up to meet this unprecedented challenge, the economic response will determine the long-term effects of this pandemic.

Maharashtra Industrial Development Corporation (MIDC) in its efforts to ensure the state continues to be the flagship investment destination, held a virtual roundtable discussion together with the UK-India Business Council (UKIBC) today in the presence of senior delegates of the government of Maharashtra, the government of United Kingdom, MIDC, UKIBC and industry leaders.

The agenda of this roundtable was to reiterate Maharashtra’s commitment towards India-UK relations and also to appraise the delegates of the various policy interventions and initiatives undertaken by the state such as creation of plug and play infrastructure with ready to use factory spaces, land parcels earmarked for industries, an accelerated permissions model ‘Maha Parwana’ which grants permissions as quickly as 48 hours, a state operated job portal – ‘Maha Jobs’, a unified search platform, dedicated country desks and many more.

A Memorandum of Understanding (MoU) between the MIDC and the UKIBC was also signed today to collaborate and share information that can help improve connections between UK businesses and the state of Maharashtra, including by facilitating investor interactions in the UK and in Maharashtra, which will include a dialogue on the ease of doing business.

The MoU establishes a broad-based understanding between the MIDC and UKIBC on the areas of collaboration and mutual interest. B Venugopal Reddy, Principal Secretary (Industries) government of Maharashtra said “Maharashtra state looks forward to further strengthen its business relations with the United Kingdom by diversifying and expanding the activities and with a thrust on manufacture of engineering components, capital goods and industry 4.0.

Dr P Anbalagan, Chief Executive Officer, MIDC said “MIDC reiterates its determination towards the sustenance of our enhanced relations between Maharashtra and the United Kingdom. The MoU with UKIBC reflects our enduring support the UK business showcasing their commitment towards intensifying strategic investment plans in Maharashtra.”

Speaking on the occasion, Kevin McCole, Managing Director of the UKIBC said “I’m really pleased to be enhancing our already strong relationships 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 this 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 will only increase”.

Alan Gemmell, Trade Commissioner of South Asia, Department for International Trade and British Deputy High Commissioner for Western India was also present at this event to represent the United Kingdom. Other key participants of the event included representatives of British Deputy High Commission, British Standards Institution (BSI) BAE Systems, Barclays Bank, HSBC, JCB, Arup Group, Perkins Engines, Rolls-Royce, Sheffield City Region and West Midlands Growth Company