Five MoUs signed with Haryana during Chief Minister visit.
As more Singapore companies show interests in India, International Enterprise (IE) Singapore is working with them to access opportunities across different Indian states, including Haryana.
With IE Singapore’s facilitation, Ascendas-Singbridge, Meinhardt and YCH each signed a Memorandum of Understanding (MOU) with the Haryana government on 23 May 2017 in Singapore.
The MOUs, signed in the presence of Haryana Chief Minister Manohar Lal Khattar, would explore collaboration in commercial, industrial and logistical infrastructure.
Haryana is strategically located next to Delhi National Capital Region (NCR), a key consumption base catering to over 40 million people.
It has the second highest per capita income in India at US$2723 with 7.8% GDP growth in 2016, exceeding the average state GDP growth.
Singapore companies are increasingly interested in the state due to its location, good infrastructure and business-friendly policies. Those with presence in Haryana include Ascendas-Singbridge, Ascott, Sembcorp, Shopmatic, SingEx, Surbana Jurong and YCH.
Said Tan Soon Kim, IE Singapore’s Assistant Chief Executive Officer, “With one of the highest per capita income in the country and located within the National Capital Region in the northern part of India, Haryana is a prominent industrial and commercial hub.
“It presents many opportunities, particularly in infrastructure and logistics. For example, there is potential for Singapore companies to provide urban solutions for the 1,000 acre Haryana Global City project. We see increasing interests from Singapore companies to venture into Haryana as a launchpad into the rest of India,” he said.
IE Singapore has been working closely with the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) to deepen economic collaboration and facilitate project interests from companies including Ascendas-Singbridge, Meinhardt and YCH.
Companies exploring diverse infrastructure development projects in Haryana
Ascendas-Singbridge has established a presence in India for over 20 years since 1994, and is currently developing the 60-acre IT Park in Gurugram (ITPG).
Located within the upcoming business district in India’s National Capital Region (NCR), the park will provide 8 million sq ft of high-quality business space complete with amenities that can cater to an estimated 60,000 community when completed.
Manohar Khiatani, Deputy Group CEO, Ascendas-Singbridge, said, “We are optimistic about the growth potential of Haryana, with its strategic location and position as a fast-growing economic centre in India. We are happy to have the support of IE Singapore and the Haryana government in ITPG, our first major project in the state, and we welcome the opportunity to work with the Haryana government to explore further opportunities in the state.”
Meinhardt has been operating in India for the last 17 years managing more than 60 projects ranging from super high rise integrated commercial, office, residential and industrial spaces as well as large infrastructure projects in the water, aviation and transport sectors.
“With this MOU, we will work closely with the Haryana government to expand to the state and collaborate on smart city solutions, industrial townships and an integrated aviation hub. Our deep capabilities in multi-modal transport infrastructure and urban and industrial projects puts us in a good position to address the development needs of Haryana.” said Omar Shahzad, Group CEO of Meinhardt Group.
Present in over 50 locations across India, YCH provides third party logistics and supply chain management services to companies in electronics, healthcare and consumer goods, including e-commerce players like Snapdeal and Shopclues.
YCH also operates a nationwide spare parts distribution network which includes Gurugram, Haryana.
Margaret Toh, Executive Director, YCH Group, said, “Haryana is a focus state for us, especially with the upcoming GST implementation in India.
“We will continue to work closely with IE Singapore and the Haryana government to expand our presence in the state and develop warehousing assets and supply chain solutions. This MOU will facilitate our interests in securing strategic warehousing projects in Gurugram,” said Toh.
IE Singapore helping unearth India opportunities for Singapore businesses
To help Singapore companies deepen their understanding of Haryana, IE Singapore organised an Investors Roundtable with the High Commission of India in Singapore on 23 May 2017.
It recently signed Memoranda of Understanding (MOUs) with 91springboard and SKP Business Consulting to help Singapore companies gain a foothold and build connections in India effectively and efficiently.
IE Singapore is also working closely with state and municipal governments.
For example, IE Singapore brought together V3 Smart Technologies with the Municipal Corporation of Gurugram to provide technology solutions for waste management in Gurugram Smart City. fii-news.com
Get all news and developments on foreign investment opportunities in Haryana.
