The Chief Minister of the North Indian state of Haryana Manohar Lal Khattar oversaw signing of five major Memoranda of Understanding (MoUs) covering an intention to invest in projects worth INR 180 billion or over SGD 3.8 billion in his first visit to Singapore. The signing of MoUs took place during an investment road show held in the Shangri La Hotel, which was attended by leading entrepreneurs, captains of industries across sectors, bankers and consultants.
Vipul Goel, Minister of Industries and Commerce, Haryana and Sudhir Rajpal, Principal Secretary to Government of Haryana Industries & Commerce Department, also made strong pitches to attract investments across sectors in Haryana. The state is planning to radically transform its infrastructure in the coming years and replicate the success of Gurugram, erstwhile Gurgaon, across other cities and towns of Haryana.
Making a strong pitch for Haryana as a preferred investment destination for Singapore investors, Manohar Lal Khattar, Chief Minister, said, “Haryana provides a very conducive eco-system for growth of enterprises and you all are welcome to invest in the state.”
Sharing his vision for Haryana, the Chief Minister added, “We aim at promoting Haryana as a vibrant and competitive destination internationally. We want to make the state a corporate capital, an industrial hub and a residential and entertainment centre while retaining the edge it enjoys in manufacturing, services and knowledge sectors.”
“It is going to be Destination Haryana all the way during the coming years. A clear vision, political will, good governance, empathy, empowerment, partnership and creativity will be the keywords to drive the future growth and success of Haryana,” he elaborated.
MoUs signed during the roadshow were with YCH Logistics for logistics projects, Ascendas Singbridge for townships and logistics, Meinhardt for aviation hub, industrial infrastructure and smart cities, Adonis for projects around wellness, Equis Pte for transmission, power distribution, affordable housing, green power generation, bio-ethanol and grain drying yards.
India’s High Commissioner to Singapore Javed Ashraf underlined that Haryana is one of the first North Indian State to come to Singapore and showcase the investment potential. Earlier, chief ministers of Southern Indian States such as Tamil Nadu, Karnataka visited Singapore for seeking investment into their respective States.
Haryana is located next to Delhi National Capital Region (NCR) with a population of over 40 million. It has the second highest per capita income in India at SGD 3,785 with 7.8 per cent GDP growth in 2016, exceeding the national average.
In a separate release, International Enterprise (IE), the government agency which promotes international trade and partners with Singapore companies to go global, said, “Singapore companies are increasingly interested in the state due to its location, good infrastructure and business-friendly policies. Those with presence in Haryana include Ascendas-Singbridge, Ascott, Sembcorp, Shopmatic, SingEx, Surbana Jurong and YCH.”
IE Singapore has been working closely with the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) to deepen economic collaboration and facilitate project interests in the State of Haryana.
Tan Soon Kim, IE Singapore’s Assistant Chief Executive Officer said, “Haryana is a prominent industrial and commercial hub. It
presents many opportunities, particularly in infrastructure and logistics. For example, there is potential for Singapore companies to provide urban solutions for the 1,000-acre Haryana Global City project. We see increasing interests from Singapore companies to venture into Haryana as a launch pad into the rest of India.”
Ascendas-Singbridge has established a presence in India for over 20 years since 1994 and is currently developing the 60-acre IT Park in Gurugram (ITPG). The park will provide 8 million sq ft of high-quality business space complete with amenities that can cater to an estimated 60,000 community when completed.
Manohar Khiatani, Deputy Group CEO, Ascendas-Singbridge, said, “We are happy to have the support of IE Singapore and the Haryana government in ITPG, our first major project in the state, and we welcome the opportunity to work with the Haryana government to explore further opportunities in the state.”
Meinhardt has been operating in India for the last 17 years managing more than 60 projects ranging from super high rise integrated commercial, office, residential and industrial spaces as well as large infrastructure projects in the water, aviation and transport sectors.
Omar Shahzad, Group CEO of Meinhardt Group, said, “With this MOU, we will work closely with the Haryana government to expand to the state and collaborate on smart city solutions, industrial townships and an integrated aviation hub.”
Present in over 50 locations across India, YCH provides third party logistics and supply chain management services to companies in electronics, healthcare and consumer goods, including e-commerce players like Snapdeal and Shopclues. YCH also operates a nationwide spare parts distribution network which includes Gurugram, Haryana.
Margaret Toh, Executive Director, YCH Group, said, “Haryana is a focus state for us, especially with the upcoming GST implementation in India. We will continue to work closely with IE Singapore and the Haryana government to expand our presence in the state and develop warehousing assets and supply chain solutions. This MOU will facilitate our interests in securing strategic warehousing projects in Gurugram.”
To help Singapore companies deepen their understanding of Haryana, IE Singapore also organised an Investors Roundtable with the High Commission of India in Singapore recently. It recently signed Memoranda of Understanding (MOUs) with 91springboard and SKP Business Consulting to help Singapore companies gain a foothold and build connections in India effectively and efficiently.