Federation of Indian Chambers of Commerce and Industry, M Arunachalam, chairman of Indian Chambers of Commerce Hong Kong and 16 top chambers/business associations headed by Indians living abroad signed a memorandum of understanding to mark the formal launch of the PIOs/NRIs network that would connect the business hubs within the Diaspora.

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" A formal network of PIOs/NRIs can connect the business hubs within the Diaspora and confer competitive advantages to the Diaspora and India. This will work towards enhancing the Diaspora presence in the global market," FICCI said in a statement.

Y K Modi, current president of FICCI signed the MoU on behalf of his organisation.

Ashok Ramsaran and Vishnu Bisram both from Caribbean Business Council, Harinder Singh member Small Business Advisory Council to the US President, Nadadur Vardhan, member, Indo-American Business Promotion Council, Vidya Nand Singh president of Bihar Chamber of Commerce of America and Seema Singh president of Asian Indian Chamber of Commerce signed on behalf of their organisations.

Pradeep Menon representing Singapore Indian Chamber of Commerce and Industry and who also happens to be the secretary general of Asian Pacific Indian Chamber of Commerce and Industry signed on behalf of the two organisations.

Karan Bilimoria, president of U K Zoroastrian Chamber of Commerce and also vice chairman of Asian Business Association, London Chamber of Commerce and Industry United Kingdom, Dhundev Bauhadoor president GOPIO Mauritius and Dension Jayasooria, executive director, Social Strategic Foundation of Malaysia signed on behalf of their respective organisations.