MoU for East India's first World Trade Center in kolkata inked

• The City of Joy is all set to get East India's first World Trade Center (WTC) tower. A MoU was signed
• The  WTCA has partnered with the Merlin Group to build the WTC on a 10.5-acre site in the Nabadiganta Industrial Township Authority, Salt Lake
• CM Mamata Banerjee announced the project earlier this month

The City of Joy is all set to get East India's first World Trade Center (WTC) tower. A memorandum of understanding (MoU) was signed on Tuesday to set up the proposed WTC project in Kolkata.

The World Trade Center Association (WTCA) has partnered with the Merlin Group to build the WTC on a 10.5-acre site in the Nabadiganta Industrial Township Authority (NDITA), Salt Lake. Chief Minister Mamata Banerjee announced the project earlier this month.

A duly signed WTC license agreement was exchanged between WTCA Vice President (Asia Pacific) Scott Wang and Merlin Group Chairman Sushil Mohta along with its Managing Director Saket Mohta. The investment for the construction of this 3.5 million square feet facility would be around Rs 1,500 crore and will create 30,000 jobs and contribute significantly to the exchequer, the CM said during the announcement.

New York-based Wang, who heads WTCA operations in countries including India, Australia, Bangladesh, China, Indonesia, Japan, Malaysia, Pakistan, Singapore, South Korea and Sri Lanka, said the association will help attract businesses from overseas countries and promote trade and business through 320 WTCs located in nearly 100 countries around the world.

According to the chairman of Merlin Group, the proposed WTC will enhance the economic prosperity of Bengal and the East by forging cooperation with international trade bodies and investors from other countries through other WTC members. “The first phase of the project will be completed in the first half of 2024. We want to work closely with the state government on this project,” he added.

In India, the first WTC was set up in Mumbai, followed by Bengaluru, Chennai, New Delhi, Noida and Pune. Merlin Group MD said it will be an iconic state-of-the-art facility with WTC branded services including business information, business education and research, inbound and outbound trade missions, business services, tenant services, international business club, conference facilities, convention facilities and services, IT/IT exhibition spaces and offices combined with support facilities, retail, five-star hotel, F&B (Food and Beverage) outlets and also entertainment facilities as per this policy.

He added that the proposed WTC will be another feather in the state's cap and will help attract its young people, providing them with vibrant opportunity and a quality lifestyle.