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The Memorandum of Understanding will see the two organisations investigate opportunities to launch joint bids for contracts, set up business-specific continuing professional development courses and raise the profile of UCMK as a centre for enterprise, innovation and business.

The partners also expect to share information garnered from the multi-million pound MK:Smart project. UCMK is at the heart of this enormous 'big data' exercise which could revolutionise the city’s economic and infrastructure planning in the future, with significant implications for local businesses.

The document also commits the partners to academic opportunities including the idea of working together on new degree and professional courses in enterprise.

Speaking at the signing Bill Rammell, Vice Chancellor of the Â鶹´«Ã½AV, UCMK’s parent body, said: “This Memorandum of Understanding is a further sign of the Â鶹´«Ã½AV’s commitment to support economic growth and innovation in this exciting city.  It underpins the development of what both we and the Chamber hope will be a long-term partnership between us.

“These are exciting and fast-moving times for Milton Keynes and, through UCMK, the Â鶹´«Ã½AV is delighted to be part of the city’s future.â€�

Paul Griffiths, Chief Executive of Milton Keynes Chamber of Commerce, added: “The signing of the agreement represents the Chamber’s determination to ensure Milton Keynes becomes a driving force for business growth, enterprise and innovation.

“This is a huge opportunity to work collaboratively with the Â鶹´«Ã½AV for the mutual benefit of businesses in the community.

“We look forward to developing this into a long-lasting partnership and to seeing more businesses unlocking their potential in this growing and vibrant district.�

In addition to its commitment through the Memorandum of Understanding, the Â鶹´«Ã½AV has also agreed to join the MK Chamber’s Business Alliance as its first member.

Photo: Bill Rammell (left) and Paul Griffiths (right)