The UK India Business Council (UKIBC) renewed its’ Memorandum of Understanding (MoU) with the Industries and Commerce Department to boost business investment, accelerate improvements in the ease of doing business, facilitate UK-Telangana business partnerships and expand higher education collaboration etc.
The MoU was signed at a virtual roundtable by Principal Secretary, Industries Jayesh Ranjan and Managing Director, UKIBC Kevin McCole in the presence of Deputy High Commissioner British Deputy High Commission at Hyderabad Andrew Fleming.
Speaking on the occasion, Kevin McCole said: “It’s a real honour to sign this MoU with the Government of Telangana to extend and deepen our existing strong partnership. The State has dynamic and impactful political and bureaucratic leadership, which is one of the reasons why the UKIBC is so keen to engage and why so many UK businesses want to enter and expand their investment in the State. We look forward to our next delegation, which we hope will take place in Hyderabad rather than online, and we very much hope to welcome a Telangana Government-led business delegation to the UK.”
Through this virtual roundtable, UKIBC was pleased to hear from the State Government of Telangana on how they are evolving their policies and building a stronger business eco-system to support existing businesses as well as initiatives to attract investment into the State as the world grapples with the ongoing global crisis of COVID-19.
Principal Secretary, Industries Jayesh Ranjan said: “We are pleased to renew this agreement with UK India Business Council. The existing MoU over the past year has seen multiple UK delegations, resulting in business and higher education partnerships. UK and India share great synergies in trade and investment which have only grown in recent years. As we come out of the pandemic, Telangana’s multiple investment-promotion schemes, along with its business-friendly regulatory environment and resolution to pandemic related business activities, act as a major attraction for the UK based entrepreneurs and corporates. The renewal of the MoU is a testament to our belief in this relationship with UKIBC and that it will further help us to boost the investment in the state and maximise our growth potential.”
Deputy High Commissioner Andrew Fleming, in responding to the challenges of the current pandemic my Government is committed to building back lives and businesses better. This vision is shared by our friends in Telangana and both our governments are determined for this MoU to result in enhanced trade and investments between Telangana and the UK. In a week when the resumption of inbound direct British Airways services from London has been announced, the MoU’s renewal is most timely. International cooperation is the only cure for covid-19.
UKIBC will continue to support interactions between UK businesses and the State Government to provide direct feedback from the business on the ease of doing business, market access and other relevant issues which can further bolster business confidence and enhance the operating environment for doing business. These interactions will continue in 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.