New Manchester-India Partnership Aims to Boost Trade Ties
The public-private Manchester-India Partnership (MIP) initiative will help to strengthen trade, investment, science and innovation relations between India and Britain.
Aiming to connect Indian companies with the northern parts of England, a new Manchester-India Partnership (MIP) was launched in the United Kingdom earlier this week. The public-private initiative will help boost trade, investment, science and innovation bonds between the two countries.
The initiative was launched on Feb. 1 by economist Jim O’Neill, who coined the phrase BRICS for the group of Brazil, Russia, India, China and South Africa. It has been supported by the Confederation of Indian Industry (CII).
The MIP will have permanent full-time teams based in Manchester, New Delhi as well as Bengaluru, PTI reported.
“The Manchester-India Partnership is an exciting initiative, which recognizes the rising importance of global cities in forging strategic international partnerships. India is one of the world’s largest and fastest growing economies; it therefore makes eminent sense for Manchester to further develop its’ air connectivity, trade, science and cultural links with this emerging global power,” O’Neill said in a statement.
He added that India could grow at 12.5 per cent due to the demographics of the country and could achieve a lot. This meant that there is a great opportunity for the Manchester-India Partnership than China as the demographics will begin to slow down in China.
A major target for the MIP will be to encourage direct air routes to further broaden the existing economic and cultural links. Manchester Airport is already the sixth largest European air gateway into India.
YK Sinha, Indian High Commissioner to the United Kingdom, also laid stress on the fact that India’s achievements need to be highlighted more often by the global media. “There must be a reason why people are queuing up to woo India. There must be something right India is doing but I am afraid that story is not being well publicized,” he said.
He added that as per the World Bank, this year the country will grow at 7.1-7.2 per cent and next year at 7.8 per cent.
HE YK Sinha, High Commissioner of India to the UK applauds CII initiative with Indo British APPG to highlight positive news about India through the success stories of Indian companies in the UK and welcomes stronger links with Manchester. @HCI_London @UKinIndia @GrantThorntonUK pic.twitter.com/EpESvPMnHt
— Confederation of Indian Industry (@FollowCII) February 2, 2018
“The numbers show just how significantly Indian companies have been investing in Britain and how good that has been for job creation and innovation in our country,” Rona Fairhead, the Minister of State in the UK Department for International Trade, said. She added that Indian companies can continue to manufacture in India and the innovation can be done in Manchester.
“We have seen first-hand how direct air links can stimulate significant increases in inward investment, exports and research collaborations and that is why securing a route into India will be one of the Partnership’s number one priorities,” Manchester Airport CEO Andrew Cowan said.
He added that forging closer relationships with the world’s most important markets is key to the future prosperity of Manchester and the wider region.
“We have seen first-hand how direct air links can stimulate significant increases in inward investment, exports and research collaborations and that is why securing a route into India will be one of the Partnership’s number one priorities,” he said.