Singapore signs MoUs ahead of participation in UPGIS
Singapore Investors have demonstrated strong confidence in the ‘India Growth Story’ and committed close to Rs.20,000 crores of investment in Uttar Pradesh in areas such as Data Centres, Logistics Services and Education, and signed 12 financial Memoranda of Understanding.
The investments were committed following a four-day presentation here by UP Global Investment Summit (UPGIS) delegation led by UP Minister of Jal Shakti and Flood Control Swatantra Dev Singh.
The 12 MoUs were signed with Singapore-based corporations and investors and one non-financial MoU was signed with the Singapore Indian Chamber of Commerce and Industry (SICCI) for exploring business opportunities and collaboration in UP.
SICCI will also act as a knowledge partner and provide avenues for growth as well as define the trajectory for investors, said Singh.
Minister Singh and his delegation members held a series of meetings and discussed prospects and collaboration opportunities in their state with Singapore’s Minister of Trade and Industry Gan Kim Yong and Minister for Sustainability and the Environment Grace Fu Hai Yien during the visit 15-19 Dec 2022.
“It was a very successful trip. The G2G engagement was very warm and fruitful,” Deepak Kumar, Principal Secretary, Basic Education Department of Uttar Pradesh, said to Press Trust of India at the end of visit on 19 Dec 2022.
“The Rs.20,000 crore intended investments will be in infrastructure, hyperscale data centres, inland waterways, logistics and warehousing, food and agro processing, educational institutions, skilling centres, waste management, and the like,” he said.
“The Singapore Government has shown a real interest in Uttar Pradesh and a high-level delegation will be participating in the UPGIS in coming February,” he said.
Singapore is a partner country in UPGIS to be held 10-12 Feb 2023 in Lucknow.
The delegation visited Singapore Institute of Technical Education and have expressed interest for an MoU to set up similar education and training institutes in UP.
“Projects worth Rs.380,000 crore, raised from the 2018 UP investors summit, are in various phases of implementations,” Minister Singh elaborated on the development in his state.
Singh said he has received “very encouraging response” from his roadshows in Singapore and Sydney. It is one of the eight delegations that the UP Government has sent to more than 16 countries promoting UPGIS.
The visit included a FICCI-Enterprise Singapore CEOs Roundtable, Round table meeting with Singapore Business Federation, said Navita M. Myer, Director of the Federation of Indian Chamber of Commerce and Industry (FICCI) in Singapore.
FICCI, as an industry partner of the UPGIS, and the High Commission of India, organized the delegation visit and meetings in Singapore. fiinews.com
