NHAI, UKTI sign agreement for trade, investment in 'Roads and Highways Sector'

New Delhi, Jan 18 (ANI): The National Highways Authority of India (NHAI) and the United Kingdom Trade and Investment (UKTI) have signed an agreement on cooperation for trade and investment in the 'Roads and Highways Sector' in India.

The agreement was signed in the presence of Union Road Transport and Highways Minister Kamal Nath and Vince Cable, Secretary of State for Business, Innovation and Skills, United Kingdom here today.

The objective of the agreement is to maximize cooperation in trade and investment between the two countries.

The aim will be to stimulate business activities and to facilitate technical knowledge up gradation between public and private sector enterprises, business organizations and professional institutions of both countries.

Speaking on the occasion Nath highlighted NHAI's plans to develop 55000 Km of Highways network in the country.

"A formalized detailed arrangement for such cooperation between UKTI and NHAI, the two implementing agencies of both the countries, will present opportunities for development of Trade and Investment in the roads sector to mutual benefit of both the countries," said Nath and called on the British Engineering Consultants to offer Consultancy services in India.

Speaking on the occasion, Kamal Nath also invited the British Companies to participate in the OMT projects in India, which he said will be a big market, as maintenance of large number of public funded roads would be bid out on OMT basis.

Vince Cable, who is leading a delegation of large number of British companies to India, asked the British Companies to take advantage of the good opportunity that the sector offers.

The agreement has been signed in pursuance of the MOU on cooperation in the Road Transport and Road Sector signed by India and United Kingdom of Great Britain and Northern Ireland on September 27, 2010.

The MOU envisages both the parties to work together for acting in the spirit of partnership and cooperation on matters of mutual interest in road transport, highways and related services.

The parties will be sharing the aim of strengthening relations for developing programmes of practical cooperation on a wide range of activities through consultation and exchange of information, best practices, sharing of technical expertise and experience and providing professional training on mutual basis in the field of motor vehicle testing, driver training, delivering and maintaining highways network etc. (ANI)