India-Singapore state agencies exchange MoU to promote investments
Invest India and InfraAsia, state-owned agencies in India and Singapore, have signed a memorandum of understanding (MoU) for setting forth a practical framework to promote bilateral investments, exchanging experiences and relevant information on their respective investors as well as investment initiatives.
These initiatives can enhance the implementation of reciprocal economic objectives, by taking into consideration the national legislation and laws in force.
Invest India is National Investment Promotion & Facilitation Agency of India, and Infrastructure Asia was established by Enterprise Singapore (trade body) and Monetary Authority of Singapore to support infrastructure financing and development in the region.
The MoU aims to promote direct investment opportunities and support companies pursuing those opportunities to contribute positively to the economic growth of both Singapore and India.
“Desiring to strengthen bilateral investment relations and develop reciprocal business cooperation between Singapore and India, Invest India and InfraAsia intend to cooperate on areas relating to the development of sustainable infrastructure in India,” said Rahul Agarwal, vice president of Invest India, in Singapore on 3 Aug 2022.
Further, the MoU will be for knowledge sharing on sustainable infrastructure solutions on asset recycling, digital infrastructure, energy and logistics, among other initiatives of mutual interest to the parties.
InfraAsia will bring together the collective capabilities and networks of various Singapore public and representatives from Singapore-based private sectors in the various fields in infrastructure in India.
“InfraAsia is keen to support India in catalysing infrastructure development, identifying and securing funding sources, and facilitating the implementation of infrastructure projects in India,” said InfraAsia in a release.
Invest India is likewise keen on tapping the expertise and resources of InfraAsia, particularly their network of international firms, experts and investors in various fields in infrastructure, as needed for various projects, programs, activities etc in their home country.
“Both Invest India and InfraAsia have the common objective of facilitating foreign direct investment by providing practical investment information to enterprises, and recognising that both Singapore and India, as reflected in their laws, procedures and international agreements, are open to foreign investment,” it said.
The MoU was exchanged by Agarwal with Lavan Thiru, Executive Director, Infrastructure Asia, in the presence of Indian High Commissioner P. Kumaran, and Gillian Tan, Assistant Managing Director, Development and International Group, Monetary Authority of Singapore at the end of Asia Infrastructure Forum held 2-3 Aug 2022 in Singapore. fiinews.com
