MMRDA takes Mumbai IFSC project a step ahead

Mumbai Metropolitan Regional Development Authority (MMRDA) signed two strategic agreements this week to establish a robust South Asia Middle East (SAME) Financial corridor for implementation of the Mumbai International Financial Services Centre (IFSC) project. This memorandum of understanding (MoU) will help exchange of information, ideas and learning for this project.

IFSC at Bandra-Kurla Complex (BKC) is one of the pet projects of Maharashtra Chief Minister Devendra Fadnavis. These MoU’s will enable further cooperation between the Dubai International Financial Centre (DIFC) and Qatar Financial Centre (QFC) and Mumbai IFSC to share the best practices and develop co-services to better serve the increasing demand of investors in this region.

The MoU strongly advocates developing the SAME region as a robust financial services corridor by bringing best of the class services and assisting each other in providing best option to the people. Both DIFC and QFC have experience as they function as full service IFSCs today and Mumbai IFSC will gain immensely from their experience as per the MMRDA.

Earlier last year, the first world class International Arbitration Centre was established in Mumbai. The state government took efforts to make amendments in laws to enable best of the class arbitration to function. The master plan for the Mumbai IFSC is currently under preparation.