Trade, import and export for MSMEs: Indian technology industry’s trade body Nasscom has entered into a memorandum of understanding (MoU) with the investment promotion agency of Manchester in the UK — MIDAS and MAG (Manchester Airports Group) to allow Indian technology SMEs foray into the UK market and grow their business.
Under the MoU, the first Nasscom launchpad in the UK will be established in Greater Manchester similar to its launchpad programme in Canada. The launchpad will enable SMEs, interested in setting up their presence in the region, to have access to 180 days of rent-free office space within offices based at Manchester Airport where a number of tech-focused companies are already based, said a statement on the MoU.
SMEs will also be supported with “ecosystem connects, introductions across stakeholders and other hand-holding mechanisms to aid in “Faster Go-To-Market”. Nasscom will actively promote the proposition among its membership base.” The companies participating in the Nasscom launchpad will be housed within an office suite 4M at Manchester Airport.
“We are thrilled to expand our launchpad program in the UK. I am confident that this will provide greater momentum to the Indo-UK trade ties. Especially when the two countries are at an advanced stage of FTA negotiations, this is a positive demonstration to facilitate trade ties on the ground. The program will help lower initial setting up cost for smaller tech companies and enhance their credibility in the UK market,” said Shivendra Singh, Vice President & Head – Global Trade Development, Nasscom in the statement.
The MoU came after Nasscom visited the UK in September 2022 during which several companies showed interest in setting up their businesses in Manchester while seven Indian companies have already set up their operations in the first phase of this pilot project.
“India’s ambitions for its tech ecosystem perfectly align with Greater Manchester’s long-term international strategy and this new agreement has the potential to unlock significant opportunities for collaboration across trade and investment,” said Joe Manning, Managing Director, MIDAS.
The announcement comes amid the India Global Forum’s (IGF) fifth annual UK-India Week which will run until June 30 focusing on growing the two country’s bilateral relationship. Britain wants to strike a “truly ambitious” free trade agreement (FTA) with India that benefits both nations and brings more opportunities to businesses and consumers, PTI reported on Thursday quoting UK Prime Minister Rishi Sunak as saying at a special reception at 10 Downing Street.
The bilateral trade relationship between India and the UK was reportedly worth £34 billion in 2022, up by £10 billion in a year.