MMRDA, World Economic Forum forge historic memorandum of collaboration; state says partnership will pave way for sustainable growth

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The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF). MMRDA is the first parastatal agency to sign such an agreement with WEF, the authority stated on Thursday.

"This partnership represents a bold step towards realizing Maharashtra's vision of becoming a $1 trillion economy while setting global standards for urban development," MMRDA stated in a press release.

WEF Founder and Executive Chairman Professor Klaus Schwab signed the MoC during his first visit to Maharashtra in 45 years. According to MMRDA, the MoC focuses on advancing sustainable urban and infrastructure development in the Mumbai Metropolitan Region (MMR), creating a framework for continuous dialogue and collaboration between the two organisations.

MMR currently contributes $140 billion to India's GDP. This figure is expected to reach $300 billion by 2030. The collaboration with WEF is likely to leverage MMRDA's leadership in executing large-scale infrastructure projects.

WEF's extensive network across 130 cities and 185 business partners will provide MMRDA with cutting-edge solutions for climate-resilient, sustainable, and inclusive growth. This partnership aims to position MMR as a global hub for commerce, investment, and livability, fostering innovation in social, digital, and physical infrastructure.

The MoC also aligns with Maharashtra's roadmap towards a $1-trillion economy and supports the state's ambitious climate goals of achieving near net-zero emissions by 2047. Key focus areas include public transportation, affordable housing, logistics, green infrastructure, and the integration of AI investments.

The collaboration is expected to create millions of jobs in technology, finance, healthcare, education, and logistics sectors. Additionally, this initiative will bolster Maharashtra's economy by promoting real estate, manufacturing, and services, positioning the region as a leader in sustainable, inclusive, and resilient urban development.

The MoC is expected to enhance MMR's global competitiveness by facilitating the exchange of best practices and technologies between Indian and international businesses. With an emphasis on promoting start-ups, the fintech sector, and sustainable infrastructure, this collaboration will attract global talent and investments, particularly in the finance and services sectors.

MMRDA Metropolitan Commissioner Dr Sanjay Mukherjee has been coordinating with the NITI Aayog for implementing its recommendations for MMR. Currently, more than Rs 3 lakh crore worth of infrastructure projects are underway in the region. This MoC will further boost these efforts, promoting economic inclusivity and creating significant opportunities for global conferences, exhibitions, and trade events, ultimately enhancing Maharashtra's position as a global leader in business, innovation, and sustainability, MMRDA stated.

During the collaboration, Professor Schwab said, "I deeply appreciate the signing of this Memorandum of Collaboration with MMRDA. This partnership injects an essential international dimension into the region's growth plan. As I envision the future, I see Mumbai emerging as one of the seven or eight truly global cities that matter, standing alongside hubs like Singapore, London, and New York. I am confident that through strong implementation, Mumbai will achieve this remarkable transformation."