UK businesses eye opportunities in Telangana
The UK India Business Council (UKIBC) has renewed a Memorandum of Understanding (MoU) with the Industries and Commerce Department of Telangana, looking at the future investment opportunities in the state.
This collaborative partnership between the UKIBC and the Government of Telangana is well-established and has already led to two UK business delegations to the State and a further delegation of leading UK universities, said the Department on 8 Sept 2020.
These interactions boost business investment, accelerate improvements in the ease of doing business, facilitate UK-Telangana business partnerships and expand higher education collaboration.
The MoU was signed at a virtual roundtable by Jayesh Ranjan, Principal Secretary, Industries and Commerce Department, and Kevin McCole, Managing Director, UKIBC in the presence of Andrew Fleming, Deputy High Commissioner, British Deputy High Commission – Hyderabad and UK businesses.
Speaking on the occasion, McCole highlighted that 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,” said McCole.
Through this virtual roundtable, UKIBC heard how State is evolving 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.
“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,” added Ranjan.
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.”
Andrew Fleming, Deputy High Commissioner, British Deputy High Commission – Hyderabad mentioned, “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. 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 a business on the ease of doing business, market access and other relevant issues that 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. #UKIBC #Telangana #hydrabad #technologies #trade #investments /fiinews.com
