nasscom has 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, the UK, and India.
nasscom, is the apex body for the $245 billion technology industry in India having 3000+ member companies constituting 90% of the industry’s revenue.
This MoU will lead to the establishment of the first nasscom launchpad in the UK, following its success in Canada.
The arrangement will provide small Indian tech companies, interested in setting up their presence in Greater Manchester, 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. 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”. nasscom will actively promote the proposition among its membership base.
“We are thrilled to expand our launchpad program in 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 set up cost for smaller tech companies and enhance their credibility in the UK market.” said Shivendra Singh, Vice President & Head – Global Trade Development, nasscom.
The MoU is an outcome of nasscom’s visit to the UK in September 2022, supported by the Department of Business and Trade, Govt of UK, when several companies showed interest in setting up their businesses in Manchester. About seven Indian companies will be setting up their operations in 1st phase of this pilot project.
“It’s brilliant to welcome nasscom’s first UK launchpad to Greater Manchester. 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 at MIDAS, Greater Manchester’s Inward Investment Agency.
MAG is the UK’s largest group of airports, operating Manchester, London Stansted, and East Midlands Airport. It also has a digital travel services business, called CAVU.
The companies participating in the nasscom launchpad will be housed within 4M, an office suite at Manchester Airport, where CAVU is also based, along with a number of other businesses.
Chris Woodroofe, Manchester Airport Managing Director, said: “We know that our airports are key enablers of trade, investment, tourism, and cultural exchange, through the connectivity they provide. There are already more than 360,000 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.”
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 the unique value proposition each location offers.