UP business delegation garners Rs 20,000 crore investments from Singapore

Singapore investors have committed nearly Rs 20,000 crores of investment in Uttar Pradesh in areas such as data centres, logistics services and education following a business promotion delegation visit to the city-state.

The investments were committed following a four-day presentation here, which concluded on Monday, by the UP Global Investment Summit (UPGIS) delegation led by State Minister of Jal Shakti and Flood Control Swatantra Dev Singh.

Singapore is a partner country in UPGIS to be held from February 10-12, 2023 in Lucknow.

Singh and his delegation members held a series of meetings and discussed prospects and collaboration opportunities in their state with Singapore’s Minister of Trade and Industry Gan Kim Yong and Minister for Sustainability and the Environment Grace Fu Hai Yien.

It was a very successful trip. The G2G (government to government) engagement was very warm and fruitful, Deepak Kumar, Principal Secretary, Basic Education Department of Uttar Pradesh, told PTI.

The Rs 20,000 crore (USD 200 billion) intended investments will be in infrastructure, hyperscale data centres, inland waterways, logistics and warehousing, food and agro-processing, educational institutions, skilling centres, waste management, and the like, he said.

The Singapore Government has shown a real interest in Uttar Pradesh and a high-level delegation will be participating in the UPGIS in coming February, he added.

Twelve financial Memoranda of Understanding were signed with Singapore-based corporations and investors during the visit from December 15-19.

One non-financial MoU was signed with the Singapore Indian Chamber of Commerce and Industry (SICCI) for exploring business opportunities and collaboration in Uttar Pradesh.

The delegation visited the Singapore Institute of Technical Education and has expressed interest in an MoU to set up similar education and training institutes in UP.

The visit included a Federation of Indian Chambers of Commerce and Industry- Enterprise Singapore CEOs roundtable conference and also a round table meeting with the Singapore Business Federation, said Director of the FICCI in Singapore, Navita M. Myer.

FICCI, as an industry partner of the UPGIS, and the High Commission of India, organised the delegation visit and meetings in Singapore.

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