Mumbai's Sustainable Urban Growth Gets a Boost with MMRDA and WEF Partnership
A Memorandum of Collaboration (MoC) between MMRDA and the World Economic Forum (WEF) is set to propel Maharashtra's economy, promoting real estate, manufacturing, and services, and positioning the region as a leader in sustainable urban development.
Sustainable Urban GrowthMmrdaWefMaharashtra EconomyReal EstateManufacturingServicesReal Estate MumbaiSep 19, 2024
The Founder and Executive Chairman of the World Economic Forum, Prof. Klaus Schwab, signed the MoC during his first visit to Maharashtra in 45 years. 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 organizations.
According to Prof. Schwab, “I deeply appreciate the signing of this MoC 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.”
One of the major achievements of the MoC is accelerating economic growth. The MMR, currently contributing USD140 billion to India’s GDP, is expected to reach USD300 billion by 2030. This collaboration will leverage MMRDA’s leadership in executing large-scale infrastructure projects. Besides, the 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.
The MoC aligns with Maharashtra's roadmap towards a USD1 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. This collaboration will also create millions of jobs in sectors like technology, finance, healthcare, education, and logistics.
Through this collaboration, MMRDA will establish ‘Brand MMR’ globally, attracting talent, investment, and business opportunities. 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.
Metropolitan Commissioner of MMRDA, Dr. Sanjay Mukherjee has been coordinating with the NITI Aayog in implementing its recommendations for MMR. Currently, more than Rs 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.
The partnership between MMRDA and WEF is a significant step towards realizing Maharashtra's vision of becoming a USD1 trillion economy. With the signing of this MoC, Mumbai is poised to emerge as a truly global city, setting new standards for sustainable urban development and growth.
Frequently Asked Questions
What is the main objective of the MoC between MMRDA and WEF?
The main objective of the MoC is to advance sustainable urban and infrastructure development in the Mumbai Metropolitan Region (MMR), creating a framework for continuous dialogue and collaboration between the two organizations.
What is the expected contribution of MMR to India's GDP by 2030?
The MMR is expected to contribute USD300 billion to India's GDP by 2030.
What are the key focus areas of the MoC?
The key focus areas of the MoC include public transportation, affordable housing, logistics, green infrastructure, and the integration of AI investments.
How will the MoC benefit Maharashtra's economy?
The MoC 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.
Who signed the MoC on behalf of WEF?
The Founder and Executive Chairman of the World Economic Forum, Prof. Klaus Schwab, signed the MoC during his first visit to Maharashtra in 45 years.
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