Bangaluru, March 04, 2024:  The Bangalore Chamber of Industry and Commerce (BCIC), has signed a Memorandum of Understanding (MoU) with World Trade Center Twente, Netherlands and World Trade Center Bengaluru, India to bolster bilateral trade and investment between India and the Netherlands.

As per the MoU, BCIC will open an office at World Trade Center Twente and World Trade Center Twente will open an office at BCIC, based on reciprocity, to promote and encourage trade and commerce, economic development, and international businesses between the two countries. This strategic partnership was signed by Dr. S Devarajan, President, BCIC, Freerk Faber MA, Chief Executive Officer, World Trade Center Twente and Vineet Verma, Managing Director, World Trade Center Bengaluru at the 54th Annual WTCA Global Business Forum (GBF) currently being held in Bengaluru. BCIC is the knowledge partner for the GBF.

Dr. S Devarajan, President, BCIC , said, “We are delighted to partner with World Trade Center Twente and World Trade Center Bengaluru to facilitate and enhance the trade and investment opportunities between India and the Netherlands. This MoU will enable BCIC to provide its members with access to the vast network and resources of the World Trade Center Twente and World Trade Center Bengaluru, and vice versa. This collaboration will lead to increased business activity, innovation, and cooperation between the two countries. It will also facilitate the exchange of best practices, knowledge, and expertise between member organizations of both parties.”

Mr. Freerk Faber MA, Chief Executive Officer, World Trade Center Twente , said, “We believe that this MoU with BCIC, which is a leading industry association in India, will create a platform for mutual exchange of information, contacts and business opportunities between companies and organizations of the Netherlands and India, especially in the sectors of medical technology (medtech), IT, biotechnology, aerospace, renewable energy, agri-food, and water management among others. We look forward to working closely with BCIC and World Trade Center Bengaluru to support the Indo-Dutch economic partnership.”

Vineet Verma, Managing Director, World Trade Center Bengaluru, said , “We are happy to join hands with BCIC and World Trade Center Twente to promote the trade and investment relations between India and the Netherlands. This MoU will enable us to offer our members and clients a wide range of services and facilities to explore and expand their business in the Netherlands and India, such as market research, trade missions, trade shows, seminars, workshops, B2B meetings, networking events, office space, conference rooms, etc. We are confident that this MoU will benefit both the Indian and Dutch business communities and will contribute to the economic growth of both countries.”

The Netherlands is the fourth largest trading partner of India in Europe and the fourth largest investor in India. In 2022-23, bilateral trade between the two countries reached a record high of US$ 27.58 billion, and the momentum continues, with trade standing at US$ 4.20 billion between April-May 2023-24. This robust partnership has a rich history of over 400 years. The Netherlands is India's top merchandise export destination in Europe and third largest globally. India's diverse exports to the Netherlands include petroleum products, engineering goods, chemicals, textiles, pharmaceuticals, food products, leather goods, handicrafts, precious metals, and more.  In return, the Netherlands exports organic chemicals, plastic raw materials, medical instruments, machinery, fertilizers, aircraft, spacecraft, and dairy products to India.

ABOUT BCIC

Bangalore Chamber of Industry and Commerce (BCIC) , (earlier known as Greater Mysore Chamber of Industry (GMCI)) is the Apex Chamber of Commerce representing large and medium industries in the State of Karnataka, India. The Chamber represents 95% of the capital investment and 90% of labour employed in the State of Karnataka. BCIC presently has a membership of 850 companies representing various sectors of industry such as – Manufacturing, IT/ITES, Biotechnology, Engineering, Consultancy and Legal firms etc. BCIC plays an active and important role in promoting trade and investment in the State and has an excellent domestic and international network with MoUs with the leading Chambers of Commerce across the globe.

ABOUT WORLD TRADE CENTER TWENTE 

We draw on our global network when we provide support. World Trade Center Twente is a member of the World Trade Centers Association, which has  320 sites in 92 countries and 750,000 member companies.That means we connect with companies all over the world every day. We offer expert targeted international business support to both start-ups and more established companies. The aim is to be properly prepared to cross borders and realise your international ambitions. Our support means helping companies perform better in economic terms. In summary, World Trade Center Twente facilitates international business and collaboration, leveraging its extensive network across the globe.