Telangana government has signed a memorandum of understanding (MoU) with the UK India Business Council (UKIBC) here to look for mutual opportunities in the areas of business, investment, job creation and economic growth. The partnership will allow large strategic bilateral investments between Telangana and UK.
The MoU will focus on working in sectors such as aerospace, defence, heavy engineering, food and drink, life sciences, healthcare, pharma and higher education. Telangana government will also work with the UK in fostering startup ecosystem.
The MoU has been signed by Jayesh Ranjan, principal secretary, Industries and Commerce Department, Telangana and Kevin McCole, chief operating officer, UKIBC.
Jayesh Ranjan told Telangana Today, “The UK has been predominantly investing in Maharashtra and Gujarat in the past. With this MoU, we will see ties between Telangana and the UK improving. UK firms and the government will get to know the potential of investing in Telangana as well as collaborating with the companies here and the State government.”
He added, “We had initiated our talks with UKIBC this January. We realised that unlike the companies from US, Europe, Japan, Korea, China and Taiwan, there are very few British companies that have set up base in Telangana. We wanted to attract more UK companies across verticals. A recent study has showed that 18 per cent UK firms are keen to invest in south. We see a major opportunity here as Telangana has one of the best industrial policies and values ease of doing business.”
Following the MoU, both the sides expect increased interactions between the UK investors/companies and State officials to discuss investment opportunities. They will also share information, promote trade reforms and smoothen investment ties.
Telangana Investments and jobs
Ranjan added, “UK companies currently employ over 10,000 people in Telanganastate. Job creation remains a key focus area for State and Central governments. With a focus on innovation and skill development, The state has been creating a talent pool that has been attracting UK majors such as HSBC, Vodafone, British Aerospace and GSK.”
Kevin McCole, chief operating officer, UKIBC, said, “Since 2000, the UK has been the largest G20 investor in India, investing 17.5 billion pounds. British companies employ 8,00,000 people. Total bilateral trade between India and the UK was 19.6 billion pounds in the 2017-2018 period, registering a jump of 20 per cent year-on-year. Telangana accounts for about 5 per cent UK business in India while NCR, Maharashtra and Karnataka had been attracting majority of investments in the past.”
Kevin added, “Telangana is the third State with which we had signed a MoU. We have signed MoUs with Maharashtra and Gujarat. We will be signing with West Bengal government soon.”
The UKIBC is planning to host the first annual ministerial and business delegation from Telangana to the UK to strategically create awareness of the investment opportunities for UK companies in Telangana.
UKIBC is also facilitating the University’s Social Responsibility Conference in Hyderabad this week organised by the University of East Anglia and the University of Hyderabad.