UP will be the Hub for Global Supply Chain & Singapore can play a pivotal role

No.PR-194 August 6, 2020 New Delhi UP will be the Hub for Global Supply Chain & Singapore can play a pivotal role UP government under the leadership of Hon'ble Chief Minister, Shri Yogi Adityanath Ji, we have revisited the changes in policies and certainly hold certain advantages. We have lowered the cost of labor and made the prices of lands reasonable, at the same time ensured that the policies are framed in such a way that despite of the existing regional disturbances, others can still avail the advantage of it, mentioned Shri Sidharth Nath Singh, Hon'ble Cabinet, Minister, Micro, Small and Medium Enterprises, Investment & Export, NRI, Sericulture, Textile & Handloom, Khadi & Gramodyog, Govt. of Uttar Pradesh in the session organized by PHD Chamber of Commerce and Industry on 'Business Investment Opportunities in Uttar Pradesh (UP)' The Hon'ble Minister highlighted that Uttar Pradesh will be the state of investment for electric vehicles and have introduced a policy for the same where Singapore can play a pivotal role in skilling, technology development, smart cities, food processing and msme park development. We are also focusing on tourism having a good connection with the new international airport. Noida and Greater Noida are the financial hubs near the capital that is an opportunity to be promoted and amplified. In the future, we need to develop dry ports in UP and we are happy to get collaborations for the same, said Mr. Sidharth Nath Singh Highlighting some major developments in the state the Hon'ble Minister mentioned that in the next two and half years, greater Noida will have its own largest airport with Six runways and in the past 3 years the government has undertaken numerous efficient sectoral policy reforms to support industry and boost investments In the last 3 years, the Govt of UP have developed state of art expressways, started with inland waterways, focused on creating competitive networks for global supply chain in areas of electronics, IT, textile, food processing, among others. We are also developing six MSME parks in Uttar Pradesh, started with extensive skill training and are coming up with integrated townships by leasing out land to developers and investors, said Shri Sidharth Nath Singh Talking about Investment, he deliberated that it is certainly not the easiest thing to happen in these times but we need to move forward to bring boost businesses. There is a geopolitical disturbance that has happened globally but we need to eye on the opportunities and take advantage of them. Start-ups will be a good collaboration with Singapore and we are working a policy to back it. We are coming on a policy for manufacturing and trading houses for bringing in raw material and goods for manufacturing and exports. This will be of great advantage to companies for exporting out of India and for bringing in the raw material, for which they don't need to pay the import duty, said Mr. Sidharth Nath Singh. H.E. P Kumaran, High Commissioner of India to Singapore mentioned about the rooted bilateral relations between India and Singapore, it has opened many opportunities for India. Singapore is not just a leading economic partner for India, it's also a region for investment in sectors like aviation, finance, and many more. India has developed, in many sectors and areas, where Singapore has been a key partner, like the smart cities, product solutions, financial sector, space development, logistics, industrial plans, and others. Before the pandemic, he said that we have many flights that connected Singapore with many cities in India. India has also contributed to the tourism sector of Singapore and the fastest-growing tourism markets. Singapore is India's largest trading partner in ASIAN and leading source of FDI, external commercial borrowing, foreign portfolio investment. Giving a brief outline of the bilateral trade between India and Singapore, he mentioned that there has been a stepping increase in the trade between the two countries with some disruption in the recent times due to the pandemic for which we are sure that it will bounce back in the coming times. He highlighted that for a long time, Singapore has been a place of investment for India. It has made investments in sectors like infrastructure, telecom, and power. Several Singapore companies are present in India in real estate development, urban planning and solutions, housing, office space, and green energy. Thus, India and Singapore are significantly contributing to each other's prosperity. Cooperation in the areas of technology, innovation, start-ups have grown and we need to focus for the future times. The sectors which have the greatest potential are fin-tech, cybersecurity, artificial intelligence, blockchain, healthcare, and medical technology, Agri-tech and others said H.E. P Kumaran. Talking about the opportunities available in UP, he mentioned that with the coming reforms and schemes undertaken by the government, UP can be one of the focus and favoured destinations for investment. India with its large consumer market and particularly UP can be a state of sustained prospects growth for Singapore in the coming years. Mr. Gautam Banerjee, Chair, South Asia Business Group, Singapore Business Federation, Chair, Blackstone, Singapore deliberated about the importance of skill training where India and Singapore can collaborate. UP has a huge population base that has diversity, connected with the capital, having the potential to grow in business and other verticals. In this COVID world, we have to relook at our businesses and Singapore can be a country for relooking business development for India. Singapore has great technical colleges and vocational institutes. Singapore has become a fin-tech center and needs IT experts and engineers where India can come forward to collaborate. He added that UP is a place for great profile and prosperity. We need to see it seriously as a business partner. Mr. Prasoon Mukherjee, Chair, IBD, Vice Chair, South Asia Business Group, SBF Chair, Universal Success while giving a brief introduction of the other panelist and various initiatives undertaken by IBD to promote business development between India and Singapore. He deliberated about the business development opportunities available in India which is one of the fastest-growing economies in the world. He highlighted that UP has the highest number of MSME in the country and digitalization is going to play a key role in the growth of the MSME sector going forward to enhance trade and cross border business. MSME is the backbone of the economy and government support and the right partnership will lead to transformation in the development of the country. Mr. Chandra Mohan Rethnam, Vice Chair, SICCI, Partner Rajah & Tann Singapore gave an in-depth presentation about the Growing SMEs in Singapore which has been pivotal for the economy. He talked about the challenges and opportunities in businesses and human capital initiatives. He mentioned that to help Singapore Enterprises grow; we need to focus on improving productivity; drive innovation and go global. Mr. Tay Lian Chew, Global Markets Director, South Asia, Enterprise Singapore while giving his presentation about the Enterprise Singapore: Growing Business Opportunities in India talked about the working of Enterprise Singapore by leveraging global network and extending support by providing in-market assistance to Singapore based companies in expanding their business overseas. He mentioned that the government of UP is taking efforts to bring foreign investments and changes in the policies leading to opportunities in infrastructure; townships and industrial parks; multi-model logistics hubs and focus on skill and development. Dr. Chandroo, Chair, SICCI, Chair, MMI gave a brief outline of the working, programs, and initiatives undertaken by SICCI mentioning that SICCI plays a significant role in helping business. He deliberated that in these growing times MSME needs skill upgrading and collaborates with the global market to promote industrialization creating a strategic partnership. Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry, while welcoming the Chief Guest Shri Sidharth Nath Singh, Hon'ble Cabinet Minister, Micro, Small and Medium Enterprises, Investment & Export, NRI, Sericulture, Textile & Handloom, Khadi & Gramodyog, Govt. of Uttar Pradesh, industry leaders from Singapore and the distinguished guests said that the close ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links. Singapore is a "key partner" in India's journey towards attaining strong economic growth and transformation; the country is one of the largest sources of foreign direct investment in India and a hub for more than 8,000 Indian companies, added Dr. Aggarwal. Government's initiatives for revitalizing the economy and revamping its growth, like opening doors to FDIs, 100 Smart Cities Project, Key focus on Infrastructure development, Make in India initiative, Clean India and Digital India have generated much interest from Singapore companies seeking opportunities in India and Indian companies exploring partnerships with Singapore companies, added Dr. D K Aggarwal. The state of Uttar Pradesh falls under the influence area of key industrial corridors such as North-South and East-West (NS-EW) Corridor and several expressways and highways, conveniently connecting it with remote parts of the country and the state also offers Location Advantage, Connectivity advantage (Located on Golden Quadrilateral with excellent road network with the largest Railway network, major National and International Airports) Industrial Corridors, Utilities (Land, water, electricity, etc.) skilled manpower, proactive Governance, ease of doing business and conducive business environment, among others, to investors, both domestic and international, intending to invest in the state, said Dr. Aggarwal. Dr. Lalit Khaitan, Mentor, UP State Chapter, PHD Chamber mentioned that the strength and intensity of bilateral economic relations can be gauged from the fact that Singapore is (a) India's largest trading partner among ASEAN countries, (b) the largest ASEAN investor in India, and (c) the 8th largest investor in India (global ranking). India's policies of export promotion, market liberalization and encouragement to foreign direct investment facilitation are continuously drawing the attention of Small Business Houses across the Global, which were facing stiff competition in the developed markets, leading to greater trading and financial engagements between the private businesses not only of Singapore but to other Countries too, added Dr. Khaitan. The factors driving industries to manufacture in Uttar Pradesh are: industrial infrastructure, which includes growth centers and industrial parks; Government of U.P has also launched 'Nivesh Mitra', a web-based online facility for entrepreneurs desirous of setting up an enterprise in UP; a system developed to enhance 'ease of doing business in Uttar Pradesh' by facilitating the entrepreneurs with the electronic-based transparent system for online submission and tracking of applications including online fee payment, mentioned Dr. Khaitan. We are assured that under the able leadership of Hon'ble Chief Minister, Shri Yogi Adityanath Ji, the State is all set to see massive infrastructure development making it a more favorable destination for Industries to freeze their feet here, added Dr. Khaitan. Mr. Manoj Gaur, Chair, UP State Chapter, PHD Chamber, while illuminating the delegates about the objective of the webinar which is to explore and encourage more trade and business opportunities between the two Nations and also strengthen the business-relations creating a win-win situation among them, mentioned that the Bilateral relations between the Republic of India and the Republic of Singapore have traditionally been strong and friendly since decades, with the two nations enjoying extensive cultural and commercial relations. A congenial industrial ambiance with a series of measures to improve ' ease of doing business' environment, coupled with readily available labor assets and more importantly, a big pool of highly skilled human resources in diverse fields, produced inside the State of Uttar Pradesh is unmatched anywhere in India and the state holds pride to be home of many renowned national and international level research and training institutions, added Mr. Gaur. Mr. Saurabh Sanyal, Secretary-General, PHD Chamber while giving his concluding remarks assured that PHD Chamber of Commerce and Industry will stand in full support and solidarity with the government and other ministries to further prosper India and Singapore trade relations and attaining PM Modi's vision of self-reliant India. The session was moderated by Dr. Ranjeet Mehta, Principal Director, PHD Chamber and war attended by many industry stewards and international companies. Ends Media Division PHD Chamber of Commerce and Industry