More ways for Singapore companies to capture opportunities in Andhra Pradesh26 February 2018 [Singapore] - 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.
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 six 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.
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
3A one stop window to approve new investments within 21 days