The Mumbai Metropolitan Region Development Authority (MMRDA) signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF), marking it as the first parastatal agency to do so. The partnership aims to advance sustainable urban development and enhance economic growth in the Mumbai Metropolitan Region (MMR), projecting its GDP contribution to reach INR 300 billion by 2030. It emphasises global expertise, job creation, and infrastructure innovation, while supporting Maharashtra's climate goals. Prof. Klaus Schwab highlighted the MoC's potential to position Mumbai as a leading global city.
In a landmark event, Chief Minister Shri Eknath Shinde, guided by Metropolitan Commissioner Dr. Sanjay Mukherjee, announced that the Mumbai Metropolitan Region Development Authority (MMRDA) had signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF). MMRDA became the first parastatal agency to enter into such an agreement with the WEF. This partnership was seen as a significant move toward realizing Maharashtra's vision of becoming aINR1 trillion economy while establishing global standards for urban development.
Prof. Klaus Schwab, Founder and Executive Chairman of the WEF, signed the MoC during his first visit to Maharashtra in 45 years. The MoC aims to advance sustainable urban and infrastructure development in the Mumbai Metropolitan Region (MMR), creating a framework for ongoing dialogue and collaboration between the two organisations.
Key achievements of the MoC included accelerating economic growth, as the MMR, currently contributingINR140 billion to India's GDP, is projected to reachINR300 billion by 2030. This collaboration would leverage MMRDA's leadership in executing large-scale infrastructure projects.
Additionally, the partnership would provide access to global expertise and innovation through the WEF's extensive network across 130 cities and 185 business partners, offering MMRDA advanced solutions for climate-resilient, sustainable, and inclusive growth. The goal was to position MMR as a global hub for commerce, investment, and livability while fostering innovation in various infrastructure sectors.
The MoC also aimed to enhance livability and sustainability by aligning with Maharashtra's roadmap towards aINR1 trillion economy and supporting the state's climate goals of achieving near net-zero emissions by 2047. Key focus areas included public transportation, affordable housing, logistics, green infrastructure, and the integration of AI investments.
Moreover, the collaboration was expected to create millions of employment opportunities in sectors like technology, finance, healthcare, education, and logistics.Through this collaboration, MMRDA planned to establish "Brand MMR" globally, attracting talent, investment, and business opportunities. The initiative was anticipated to create millions of high-end jobs across various sectors, bolstering Maharashtra's economy by promoting real estate, manufacturing, and services, and positioning the region as a leader in sustainable, inclusive, and resilient urban development.
The MoC was expected to enhance MMR's global competitiveness by facilitating the exchange of best practices and technologies between Indian and international businesses. With a focus on promoting start-ups, the fintech sector, and sustainable infrastructure, the collaboration aimed to attract global talent and investments, particularly in finance and services.
Dr. Sanjay Mukherjee had been coordinating with NITI Aayog to implement its recommendations for MMR. Currently, over INR 3 lakh crore worth of infrastructure projects were underway in the region, and the MoC was set to 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.
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