IE Singapore initiated the establishment of Andhra Pradesh-Singapore Business Council and Innovation Corridor to help Singapore companies enter Andhra Pradesh more easily
MR No.: 010/18
Singapore, Monday, 26 February 2018
Singapore companies stand to access opportunities in Andhra Pradesh, India, more easily as International Enterprise (IE) Singapore co-develops:
- An Andhra Pradesh-Singapore Business Council led by the Singapore Business Federation (SBF) and the Confederation of Indian Industry (CII) to drive private sector business collaboration to strengthen Singapore-Andhra Pradesh economic ties;
- An Innovation Corridor for Singapore companies to pilot innovative urban solutions and scale up in Andhra Pradesh.
These were announced at the 24th Partnership Summit1 in Andhra Pradesh today. SBF and CII signed a MOU for the Andhra Pradesh-Singapore Business Council, witnessed by Minister S. Iswaran, Singapore Minister for Trade and Industry (Industry) and Andhra Pradesh Chief Minister Nara Chandrababu Naidu. These follow the MOU signed last year for greater collaboration between Singapore and Andhra Pradesh in economic development through identifying business opportunities and sharing expertise.
Andhra Pradesh is one of the fastest growing states in India with Gross State Domestic Product (GSDP) growth of 11.6% in 2016, above the national average of 7.1%2. Anchored by business-friendly policies such as the Single Desk Policy3, Andhra Pradesh has consistently been ranked amongst the top Indian states to do business.
Andhra Pradesh-Singapore Business Council
Supported by IE Singapore, SBF and CII will work together to form the Andhra Pradesh-Singapore Business Council, which will comprise company representatives from both Andhra Pradesh and Singapore. This association-led initiative aims to drive private sector partnerships between Singapore and Andhra Pradesh across priority sectors including smart infrastructure, agrifood and logistics. The council will also identify common projects, conduct business matching, and hold regular missions and events.
In a joint statement issued by the Ministry of Trade and Industry (MTI) today, Amaravati Partnership Office and the Andhra Pradesh Capital Region Development Authority announced their partnership on an Innovation Corridor to promote greater collaboration on innovation. The Innovation Corridor is a platform to discover, pilot and scale Singapore’s innovative urban solutions in Amaravati, its capital city, with the aim to expand across India and rest of the world.
Singapore companies can develop and pitch solutions based on challenges identified in the building of Amaravati, and if selected, they will be piloted in the city. Singapore’s Amaravati Partnership Office and the Government of Andhra Pradesh will set up a taskforce to facilitate this through innovation events to source for innovative urban solutions. The first Innovation Corridor cycle is currently planned for the Happy Cities Summit in Andhra Pradesh in April 2018 and the World Cities Summit in Singapore in July 2018.
Mr Tan Soon Kim, Assistant Chief Executive Officer (CEO) of IE Singapore, said, “Building upon the strong Government-to-Government ties between Andhra Pradesh and Singapore, these two initiatives will deepen our partnership and open up new avenues for Singapore companies to access opportunities in Andhra Pradesh. The Andhra Pradesh-Singapore Business Council will promote regular interaction and business collaboration between the private sectors of Andhra Pradesh and Singapore, while the Innovation Corridor will provide more direct access for Singapore’s innovative urban solutions to be implemented in Amaravati. IE Singapore will continue to work closely with SBF and our in-market partners to help Singapore companies understand the market landscape and capture diverse opportunities in Andhra Pradesh.”
Mr Ho Meng Kit, CEO of SBF and Mission Leader, commented, “The establishment of the Council is timely as SBF steps up our engagements with Andhra Pradesh. This mission is the Federation’s second visit here in 6 months, and is intended to explore in greater depth some priority sectors which have been earmarked, such as ports and logistics; agribusiness; and building and construction. We have engaged the Council and Secretariat of our fellow Trade Associations and Chambers (TACs) on Singapore’s involvement in Andhra Pradesh over the past months. SBF will be working closely with them moving forward, to further structure and translate these opportunities to the wider Singapore business community. Some of the other key sectors in the immediate term include technology; food manufacturing and processing; and tourism and hospitality.”
In conjunction with the 24th Partnership Summit, SBF led a 15-strong delegation across infrastructure, engineering, construction, professional services and shipping sectors on a five-day mission trip to Andhra Pradesh to explore business partnerships across Amaravati, Vishakhapatnam and Vijayawada.
For media enquiries and/or event photos, please contact:
Ms Cheryl HOW
Corporate Communications Group
DID: +65 6433 4655
Singapore Business Federation
Ms Laura Cheng
DID: +65 6827 6864
About International Enterprise Singapore
IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global.
We attract and anchor global trading companies in Singapore by promoting our unique advantages as a global trading hub. Today, Singapore is home to a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.
Through our network of over 35 overseas centres and comprehensive assistance programmes, we partner Singapore companies to strengthen their global competitiveness.
IE Singapore will merge with SPRING Singapore to form Enterprise Singapore in Q2 2018. Enterprise Singapore will enable the growth of Singapore companies through an integrated support network to build business capabilities and access overseas markets.
Visit www.iesingapore.gov.sg for more information.
About PUB, Singapores National Water Agency
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore in trade, investment and industrial relations. Nationally, SBF acts as the bridge between businesses and government in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, please visit our website: www.sbf.org.sg
1 The 24th Partnership Summit is organised by the CII together with the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry and the State of Andhra Pradesh. This is India’s flagship event on chartering new India’s global integration strategy and is attended by international delegates annually including Ministers, CEOs and thought leaders from around the world.
2 Socio Economic Survey 2016-17, Government of Andhra Pradesh
3 A one stop window to approve new investments within 21 days