New Delhi [India], January 6 : Singapore will participate as a partner country at the Vibrant Gujarat Global Summit (VGGS), being organised in Gandhinagar, and announce investments worth over Rs 2,300 crore.
Singapore and its companies will strengthen economic cooperation with the state of Gujarat. This will be through expanded investments in Gujarat's green economy and sustainability sector. The investments will be communicated during the VGGS to be held in Gandhinagar from January 9 to 12, 2024, the Singapore's High Commission to India said in a statement on Saturday.
"Singapore will expand investments into #Gujarat's Green Economy and Sustainability Sector at the #VGGS2024. Looking forward to announcing >INR2,300 cr of investments," Singapore's High Commissioner to India, HC Wong, said in a post on X.
According to the statement, Singapore will participate as a partner country at the VGGS, alongside 30 other countries. A dedicated Singapore Pavilion will be set up to showcase Singapore companies with a strong presence in the state.
It will feature a total of nine companies, including DBS, Sembcorp, YCH, and Blue Planet, in sectors such as finance, renewable energy, waste management, and logistics. These companies also have plans to increase their investments in Gujarat, the release added.
Singapore High Commissioner to India Simon Wong will lead a delegation of officials and almost 100 business delegates to the VGGS. High Commissioner Wong will deliver the opening remarks at the Singapore Seminar, which will be held on January 10, 2024.
He will state that Gujarat and Singapore could explore new areas of mutual benefit, such as space collaboration and investment in new zones of opportunity like GIFT City and the upcoming Dholera Special Investment Region.
The Singapore Seminar will feature a fireside chat with business leaders on partnership and collaboration for a greener, brighter future together. The panel will comprise Singapore CEOs from Sembcorp Industries, Meinhardt EPCM Group, and Blue Planet Group.
Several new Memoranda of Understanding (MoUs) will be concluded and signed between Singapore companies and the Government of Gujarat. These MoUs signal Singapore's continued interest and confidence in capturing new opportunities in the state.
For instance, Universal Success Enterprises plans to set up a 500 MW solar power plant in Gujarat at an investment value of about Rs 2,300 crore, the release added.
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