Mumbai, Nov 13 (UNI) Indian Association of Amusement Parks and Industries (IAAPI), the apex body for amusement parks in India, has signed a Memorandum of Understanding (MoU) with China Association of Amusement Parks and Attractions, (CAAPA) the primary body for amusement parks in China.
The MoU was signed by IAAPI President Mr Arijit Sengupta and Chairman Mr Liu Jingwang and will be effective for one year.
The MoU marks the beginning of an international collaboration for exchange of knowledge and technical expertise for development of the amusement parks industry in both countries. The MoU also entails trade benefits through financial concessions for participation in exhibitions and marketing activities in the partner country, a release issued by IAAPI said.
The annual turnover of the IAAPI is currently Rs 1,500 crore poised to grow at 25 per cent year on year. The MoU has been formulated considering the growth potential of the amusement industry, globally efforts are being made to set benchmarks on critical factors, such as safety standards, equipment manufacturing, manpower training.
IAAPI President Mr Arijit Sengupta, has a vision to showcase the potential of the amusement parks industry and thereby attract more investments to the sector. ''The understanding with CAAPA enables both the bodies to exchange ideas bringing in rapid development of the amusement industry, both in India and China by adapting to the best practices of both the countries. Through this understanding we also foresee an opportunity to build a relationship with China which can value add to our growth in the amusement parks industry''.
UNI AR ZA NP1437