New Delhi, June 29 : Nasscom on Thursday signed a memorandum of understanding (MOU) with MIDAS (Manchester's Inward Investment Agency) and MAG (Manchester Airports Groups) to promote innovation, investment, and technological exchange between Greater Manchester, in the UK, and India and will establish the first UK launchpad, following its success in Canada.

Nasscom is the apex body for the $245 billion technology industry in India having over 3,000 member companies constituting 90 per cent of the industry’s revenue. Artificial Intelligence Misuse: Vatican Issues Own Guidelines To Navigate Ethics of AI Technology in ChatGPT Era.

"We are thrilled to expand our launchpad programme in the UK. I am confident that this will provide greater momentum to the Indo-UK trade ties. The programme will help lower initial set up cost for smaller tech companies and enhance their credibility in the UK market," Shivendra Singh, Vice President and Head - Global Trade Development, Nasscom, said in a statement.

The arrangement will provide small Indian tech companies, interested in setting up their presence in Greater Manchester, to have access to 180 days rent-free office space within offices based at Manchester Airport, where several tech-focused companies are already based. Internet Shutdowns in Manipur, Punjab Cost Indian Economy Around USD 1.9 Billion, Loss of USD 118 Million in Foreign Investment, Says Report.

"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," Joe Manning, Managing Director at MIDAS, Greater Manchester’s Inward Investment Agency, said in a statement.

The companies will also be assisted with eco-system connects, introductions across stakeholders and other hand-holding mechanisms to aid in "Faster Go-To-Market".

"There are already more than 3,60,000 people a year to travel from our catchment area to India and, as we progress towards re-establishing a direct air route, partnerships like this in key growth sectors will make an important contribution to strengthening our ties with what is a priority market," Chris Woodroofe, Manchester Airport Managing Director, said in a statement.

The Nasscom delegation currently in the UK is comprised of 25 Tech SMEs and is scheduled to visit locations such as Manchester, Birmingham and Bristol, other than London, to understand their unique value proposition each location offers.

(The above story first appeared on LatestLY on Jun 29, 2023 03:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).