UK companies attracted to WB investment schemes
The UK India Business Council (UKIBC) is working on a collaboration with the Government of West Bengal will help to boost business and industrial development in the state by proactively developing the business environment and strengthening collaboration with British businesses in West Bengal.
This approach is being undertaken under a Memorandum of Understanding (MoU) signed with West Bengal Industrial Development Corporation (WBIDC), the premier nodal agency of West Bengal’s Industry, Commerce and Enterprises Department.
The MoU is to focus on accelerating industrial development in the state, said UKIBC on 25 Sept 2020.
The MoU was signed at a virtual roundtable by Vandana Yadav, Secretary, Industry, Commerce & Enterprises Department & Managing Director, West Bengal Industrial Development Corporation (WBIDC) and Kevin McCole, Managing Director, UKIBC in the presence of Nick Low, Deputy High Commissioner, British Deputy High Commission – Kolkata.
Speaking on the occasion, McCole said, “The UKIBC is so keen to engage and …. UK businesses want to enter and expand their investment in West Bengal.
“UK businesses such as BT, Diageo, Chivas Brothers, PwC, HSBC and Standard Chartered are already significant investors in the State. Given the dynamic economic potential in both countries, we believe that there is scope to grow this list even more.”
The MoU was signed as part of a virtual roundtable, which examined measures to support businesses in a post-COVID-19 world. What was clear is that Governments and industry are looking beyond the current crisis to re-shape and strengthen economies, supply chains, socio-economic development and business norms post-COVID-19.
Speaking about the MoU, British Deputy High Commissioner Nick Low said, “UK and India share great synergies in trade and investment which have only grown in recent years. I am delighted to see the renewal of the MoU between UKIBC and WBIDC which is a testament to the ever-increasing engagement between the UK businesses and the Government of West Bengal.
“As we build back better post-pandemic, Government of West Bengal’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.”
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 that can further bolster business confidence and enhance the operating environment for businesses in West Bengal.
These interactions will continue in the form of dialogues, annual ministerial meetings and various delegation visits.
UKIBC said it 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. #MoU #investment #trade #markets /fiinews.com
