International Enterprise (IE) Singapore deepens network with Gujarat government to facilitate opportunities for Singapore companies in manufacturing, logistics services and port technologies.
After signing the Memorandum of Understanding (MOU) with the Government of Rajasthan in India last October, International Enterprise Singapore is further deepening ties with India through two partnerships with Gujarat Industrial Development Corporation (GIDC) and Gujarat Maritime Board (GMB) to help Singapore companies expand into the market.
The MOUs were signed by Tay Lian Chew, Regional Director of South Asia, IE Singapore, H N Patel, Executive Director, GIDC and Ajay Bhadoo, Vice Chairman and Chief Executive Officer (CEO), GMB.
This took place in conjunction with the Vibrant Gujarat Global Summit 2017, one of the most prominent economic events in India. This comes on the back of rising interests in India, the top choice market for Singapore companies to enter in 2017.
IE Singapore’s Assistant CEO, Tan Soon Kim said, “Gujarat is an energy surplus state and produces one-fifth of India’s exports. While it has some operational challenges common in emerging economies, the state remains one of the fastest-growing in India and holds good long-term potential for Singapore companies in manufacturing, logistics services and port technologies.”
“Through our strong partnerships with many states across India, IE Singapore will continue to open doors for Singapore companies and work with them to access the opportunities,” he added.
This MOU will see GIDC as a one-stop agency to provide single-window facilitation for Singapore companies setting up in Gujarat, accelerating market entry by allocating suitable manufacturing locations and facilitating incentive applications.
This partnership also opens up opportunities to explore collaboration in master-planning and developing supporting infrastructure for Gujarat’s industrial zones. Singapore’s experience and capabilities in the planning and management of industrial parks will contribute to Gujarat’s development as a manufacturing hub.
Gujarat is rated as the top performing state in Indian, with a large population of 60 million people. In 2015, its Gross State Domestic Product (GSDP) grew 15% to US$158 billion.
Singapore companies can ride this growth to explore opportunities in the state. Examples of Singapore companies that have gone into Gujarat include DBS, Sembcorp Green Infra, Singapore International Arbitration Centre and Tong Garden.