MR No.: 001/17
Singapore, Thursday, 12 January 2017
Following the Memorandum of Understanding (MOU) signed with the Government of Rajasthan in India last October, International Enterprise (IE) 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. It signed MOUs with GIDC and GMB today to facilitate business collaboration for Singapore companies in manufacturing, logistics services and port technologies.
The MOUs were signed by Mr Tay Lian Chew, Regional Director of South Asia, IE Singapore, Shri H N Patel, Executive Director, GIDC and Shri 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 20171.
Said Mr Tan Soon Kim, IE Singapore’s Assistant CEO, “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.”
With a large population of 60 million people, Gujarat is rated as the top performing state in India2. In 2015, its Gross State Domestic Product (GSDP) grew 15% to US$158 billion3. 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.
IE Singapore-GIDC MOU
With Gujarat’s supportive state government, favourable industrial policies and proximity to ports, it is a viable manufacturing location for Singapore companies especially in the food processing, chemicals, pharmaceutical and automotive sectors. 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.
In addition, this partnership 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.
IE Singapore-GMB MOU
Among the Indian states, Gujarat has the longest coastline and acts as a gateway to the landlocked northern India. With this MOU, Singapore companies can access opportunities to improve the operations, efficiency and management of ports and port lands in Gujarat by developing infrastructure and implementing technologies. IE Singapore and GMB will also facilitate pilot projects, training and visits to share expertise.
This MOU builds on the IE Singapore-Indian Ports Association (IPA) partnership in 2016 to share best practices in port technology, operations and management. Singapore companies have capabilities across the entire port value chain including master-planning, consultancy, operations, logistics tracking, port clearance, security and connectivity.
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Ms Cheryl How
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About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency promoting international trade and partnering Singapore companies in going global. Our vision is a thriving business hub in Singapore with Globally Competitive Companies and leading international traders.
IE Singapore attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.
Through our Global Company Partnership and Market Readiness Assistance, we also work with Singapore-based companies in their various stages of growth towards being globally competitive.
Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.gov.sg for more information.
1 SME Growth and Financing Survey 2016
2 India Brand Equity Foundation, December 2016
3 India Brand Equity Foundation, December 2016