In a strategic move to drive participation in the 10th edition of Vibrant Gujarat 2024, Chief Minister of the state, Bhupendra Patel, accompanied by a high-level delegation, has embarked on a visit to Japan and Singapore between November 26 and December 2.
Addressing a packed hall of industry leaders in Singapore, the CM called Minister Mentor Lee Kuan Yew a great leader, naming Singapore and Gujarat as strong trading partners. The CM’s trip sets the stage for the 10th edition of the Vibrant Gujarat Global Summit slated for January 10 to 12, 2024.
Vibrant Gujarat
Vibrant Gujarat, initiated by Prime Minister Narendra Modi in 2003 when he was the Chief Minister of Gujarat, is a biennial investors’ summit held in the Indian state of Gujarat to attract investment for the state’s development across various sectors.
The summit brings together business leaders, investors, corporations, and policymakers from around the world to explore business opportunities, discuss economic development, and foster partnerships. It has been instrumental in showcasing Gujarat as a favourable destination for investment and has contributed to the state’s economic growth.
Welcoming Singapore businesses to Vibrant Gujarat 2024
During his visit to Singapore, Chief Minister Patel extended a warm invitation to businesses and corporations, emphasising upon Gujarat’s conducive ecosystem for investment across diverse sectors. The state, known for its proactive governance and business-friendly policies, seeks to leverage Singapore’s technological prowess and economic acumen for mutual benefit.
“The forthcoming Vibrant Gujarat Global Summit is an unparalleled opportunity to converge and explore synergies. Gujarat’s strides in industry, innovation, and infrastructure present an enticing landscape for investment,” Patel highlighted during engagements with Singaporean counterparts.
Japan, renowned for its technological advancements and robust industrial base, also holds promise as a prospective partner for Gujarat’s developmental journey. The delegation sought to bolster ties with Japanese industries, seeking collaboration and knowledge exchange avenues.
As Gujarat prepares to host the 10th edition of the Vibrant Gujarat Global Summit, the chief minister’s proactive outreach underscores the state’s commitment to becoming a prime investment destination.
Calling for greater co-operation in fintech between Singapore and India, Patel gave the UPI and Pay Now integration as a great example of collaboration in the space. He shared examples like the Dholera Special Investment Region (DSIR), an upcoming greenfield smart city, to talk about the state’s vision of being active in futuristic industries, as they provide solutions to current and forthcoming global challenges.
GIFT City – Gujarat International Finance Tec-City
Gujarat International Finance Tec-City (GIFT City) is India’s first operational smart city and international financial services centre. It aims to become a global financial and technological hub between Ahmedabad and Gandhinagar, providing state-of-the-art infrastructure and a conducive environment for international finance and trade.
Established to compete with global financial centres like Singapore, Dubai, and London, GIFT City offers various benefits to businesses, including special economic zones, tax incentives, and streamlined regulations. It operates under a unique regulatory framework that enables offshore and onshore transactions, making it an attractive destination for domestic and international financial firms.
The city encompasses commercial and residential spaces, world-class infrastructure, modern transportation facilities, and sustainable architecture. GIFT City also houses India’s only International Financial Services Centre (IFSC), which allows companies to conduct financial services transactions in foreign currencies.
Vibrant Gujarat and Viksit Bharat At 2047
CM Patel concluded by stating that Vibrant Gujarat would play an important role in PM Modi’s vision of India becoming a USD 30 trillion economy by 2047, a plan that would be launched by Niti Ayong in January 2024.