IIFA Awards: what are the business opportunities?

The IIFA Awards will offer huge opportunities for companies across the region – both during the event and on a long-term basis.  It is hoped that the collaboration between the two countries will help to forge strong trade relations between Yorkshire and Humber and India.

Indian businesses are actively looking for opportunities to invest overseas – particularly in the UK, and the IIFA Awards will provide an ideal platform for Yorkshire firms to showcase their talent.

Indian cinema is the largest film industry in the world, producing over 1,000 films per year, with more than 50% of each major film shot in an overseas location. The amount spent on filming overseas each year equates to approximately £64 million (USD 125 million), and the IIFA Awards will provide Yorkshire with the opportunity to attract a large part of this in the future.

Additionally, the number of visitors to the region during the Awards will provide a boost to regional businesses. It is estimated that the event will attract 28,000 people from Europe, India, South East Asia and the US. Between them, the visitors will occupy thousands of hotel rooms and pump millions of pounds into the region in just a few days.

Regional businesses will also profit from spin-off events to help them tap into new markets. As part of the Weekend a Global Business Forum will take place, sponsored by the Federation of Indian Chambers of Commerce and Industry. The forum will act as a catalyst to tap into the Indian markets and attract private sector investment into our region.

A series of networking trade dinners and lunches will also be held to promote bilateral trade between India and Yorkshire and Humber. Events will feature top Indian business speakers.

Discussing the economic benefits of the Awards, Tom Riordan, chief executive at Yorkshire Forward said: “Events such as the IIFA Weekend will bring an economic boost to the Yorkshire and Humber region.

“Our expectation is that the event alone will bring nearly £10m in tourism spend. But the Awards will also act as a catalyst to access a new market. It will forge stronger business and cultural links between Yorkshire and India, which is now one of the fastest growing economies in the world. Trade events such as the Global Trade Forum will promote and strengthen international trade opportunities, supporting our region’s export industries and stimulating inward investment.”

“What is equally as important, is the message this sends about the region. Resulting media coverage will give Yorkshire and Humber the chance to introduce its world class tourism, culture, business, film locations and creative industries to a new international audience of more than 315 million. It will reinforce the Yorkshire and Humber region’s position as the number one centre for film, television and gaming technologies outside of London. In addition, hosting an event of this scale will underpin the region’s credentials as a major player for international events, building on the success of Royal Ascot at York last year.”

It is hoped that the creation of stronger trade links between Yorkshire and Humber and India may also lead to the creation of new direct flight routes between both regions.