Aerospace, defence, security and space trade organisation, ADS Group, yesterday announced the completion of two Memorandum of Understanding (MOU) agreements designed to strengthen links between the UK and India.
The agreements, signed at the opening of AeroIndia 2013, see ADS formalise its relationship with both The Society of Indian Aerospace Technologies and Industries (SIATI) and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Identified as a key market for both civil and military aerospace, India is widely predicted to be poised for unprecedented growth with passenger traffic projected to increase more than anywhere else in the world. To meet this rising demand, market forecast data reveals around 1,450 new passenger aircraft will be required over the next 20 years. Forging better links with the UK will be crucial in helping maximise potential and will support UK industry in retaining its number two position in the global market.
“India is already an important market for the UK aerospace industry and ADS has a significant presence in New Delhi and Bangalore to help companies build links with Indian aerospace businesses,” said Paul Everitt, chief executive of ADS Group commented. “Having worked with both SIATI and FICCI in driving benefit for our respective members, these new agreements will help drive forward our relationship bringing direct benefit to individual companies and increasing trade between India and the UK.”
According to ADS, the agreements, which outline the shared goals of the organisations, will support both UK and India based companies with an interest or presence in this high growth market. In a statement from ADS, the group said: “UK firms can assist India’s growth with the very best technologies, products and services, as well as strengthening its supply chain which may come under pressure as the sector grows.”
AeroIndia 2013 runs in Bangalore until the 10th February and is considered to be Asia’s premier airshow, hosting more than 600 companies from all over the world. ADS Group is running the UK Pavilion at the event which will host 21 UK exhibitors including Aeromet International, Rolls Royce and Westco Aircraft. In addition, the trade organisation has organised the UKTI aerospace sector mission to India, with 12 UK companies attending to meet potential partners and better understand the market opportunities for their individual businesses.