The UK’s technology trade association, techUK and East India’s premier business chamber, the Indian Chamber of Commerce (ICC) have agreed to facilitate a two-way technology collaborations between British and Indian companies, with a special focus on West Bengal, and have signed a Memorandum of Understanding (MoU) last week. It emphasises on facilitating economic opportunities through joint events, delegation visits and facilitation of trade linkages.
This followed discussions between techUK and the ICC during a recent visit by a technology companies from Kolkata to London. During the visit, the delegation met with leading technology companies in London including fintech entrepreneur Rishi Patel, CEO of The Currency Account, who said: “London’s global eminence in fintech offers great opportunities for Indian companies, such as reducing exchange rate risk for those dealing across borders between India and the UK.” The delegation also met innovative, technology-led companies in English Midlands and launched a jointly produced report (Kolkata 4.0) on how Kolkata could become a regional digital hub with London-based strategy consultancy EPG.
EPG’s Managing Director Pratik Dattani told Asian Voice: “The recent Kolkata visit identified a substantial number of new potential areas for the two countries to work together, that were previously unexplored. For example, startup incubator and technology partner in India is now in discussions with a medtech startup in London to help with expansion plans. Two innovation summits being organised in India in July and November, in order to provide a bilateral collaboration platform for tech companies from both countries. This is an important set of good news ahead of PM Narendra’s Modi’s visit to the UK for CHOGM and shows the scope of the bilateral relationship post-Brexit.”
The Economic Policy Group (EPG) which is an economic and strategy consulting firm based in London and India, helped the MoU to be signed between techUK and ICC. The company offers economic analysis, strategic communications, policy advice and market entry assistance with India and East Africa, to businesses and the third sector around the world.
For techUK, this marks a strengthening of the its ties with India, which it has identified as one of its five priority international markets. It came shortly after a major visit to India last month to build on these partnerships and create further opportunities for British companies in India.
Director-General of the ICC, Dr Rajeev Singh, said: “Kolkata and the region more widely offer a unique gateway to a population of 500m in East and North-East India, as well as neighbouring countries. We welcome the opportunity to work with innovative companies from the UK to support the ecosystem development in the region.”
CEO of techUK Julian David, said: “Kolkata and the West Bengal region more widely has untapped potential to create an exciting and vibrant tech ecosystem. We are pleased to sign this memorandum and believe that through partnership, UK and West Bengal companies can contribute to a successful innovation hub that benefits not just the region, but India and its neighbours more broadly.”
