UKIBC signs an MoU with the Govt. of Telangana strengthening future UK investment in the State
By UK India Business Council (UKIBC)
In a major step toward delivering UK business, investment, and economic growth in Telangana, the UK India Business Council is pleased to have today signed an MoU with the Government of Telangana during a delegation of UK businesses to the State.
UKIBC Chief Operating Officer, Kevin McCole, and Government of Telangana Principal Secretary to Government Industries and Commerce, Shri Jayesh Ranjan, sign an MoU together in Hyderabad.
UK companies employ nearly 10,000 people across Telangana, a State that is rapidly rivalling Bangalore as the IT capital of India and leading the way in health-tech and agri-tech innovation. The Government of Telangana has gone to exceptional efforts to accommodate business needs in recent years, most notably with the introduction of the State Project Approval and Self Certification System (TSiPASS) which gives companies regulatory permissions and clearances within 15 days for large-scale projects.
This makes Telangana an attractive destination for the world’s largest tech and innovation firms, and a natural partner for immense UK expertise in AI and health-tech research. The possibilities for greater UK-Telangana collaboration are immense across numerous strategic sectors, towards which, this MoU represents an important step in realising our shared potential.
Under the MoU, the Govt of Telangana and UKIBC will take collaboration to the next level through sharing information, promoting reform that will ease doing business, smoothen investor interactions, and ensure State officials are familiar with the needs of UK business. In short, this is a shared commitment towards improving the long-term relations that will deliver investment, growth, and jobs in Telangana.
The MoU was signed in Hyderabad by Shri Jayesh Ranjan, Principal Secretary to Government Industries and Commerce, Government of Telangana and Mr. Kevin McCole, Chief Operating Officer of UKIBC.
Speaking on the occasion Kevin McCole, COO, UKIBC said:
“The world knows Hyderabad as the cyber capital of India, playing an increasingly important role in both the Indian and global economy. This MoU is about recognising these strengths and support UK businesses and universities and the Government of Telangana to grow together as natural partners.”
Identifying Telangana’s clear and emerging strengths, the MoU prioritises advanced manufacturing (including aerospace, defense, and heavy engineering), food & drink, healthcare & pharma and higher education as sectors where the UK and Telangana can collaborate from a position of strength. The MoU will also plug the Government of Telangana into the vibrant UK start-up eco-system.
Shri Jayesh Ranjan, Principal Secretary to Government Industries and Commerce, Government of Telangana stated:
“We are pleased to sign this agreement with UK India Business Council. UK and India share great synergies in trade and investment which have only grown in recent years. Telangana’s multiple investment-promotion schemes, along with its business-friendly regulatory environment act as a major attraction for the UK based entrepreneurs and corporates. As such we’re confident that this MoU will further help us to boost the investment in the state and maximise our growth potential.”
On the MoU, Varun Mali, Deputy Head of Mission & Sr. Investment Adviser, British Deputy High Commission said:
“Delighted that the Telangana State Govt. are signing this MoU with UKIBC, I am consistently clear that there are rich, untapped mutually beneficial opportunities for business & Trade between UK. This will provide an excellent platform to identify these.”
Earlier this month, Shri Jayesh Ranjan, met with Kevin McCole and other UKIBC members during his visit to the UK and under this MoU we can expect to see more interactions between UK investors and senior Officers of the State to discuss further investment opportunities.
Already, UKIBC are this week helping to facilitate the University’s Social Responsibility Conference in Hyderabad organised by the University of East Anglia and the University of Hyderabad in an impressive example of UK-India collaboration. In the long-term, UKIBC are planning to host the first of what will become an annual Ministerial and business delegation from Telangana to the UK to strategically raise awareness of the opportunities for UK companies in Telangana.
Notes to Editors:
About the UKIBC
The UK India Business Council (UKIBC) is the premier membership-led organisation supporting the promotion of trade, business and investment between the two countries. UKIBC plays an influential role in creating and sustaining an environment in which free-trade and investment flourishes. Through its insights, networks, policy advocacy, services and facilities, the UK India Business Council supports UK businesses to achieve success. Find out more by visiting www.ukibc.com and following @UKIBC on Twitter.
To read the full UKIBC 4th Annual Doing Business in India Report (The UK Perspective) 2018 visit their website here: www.ukibc.com/business-india-2018-report-uk-perspective
