Singapore Stock Exchange (SGX) will be establishing its offshore office at Gujarat International Finance Tec-City (GIFT-City) in Gandhinagar, an official release said on Monday. Singapore’s High Commissioner Simon Wong leading a high-level delegation from his country paid a courtesy call on Gujarat Chief Minister Vijay Rupani here on Monday.
The Singapore delegation is in Gujarat to complete the establishment of the offshore office of the Singapore Stock Exchange (SGX) at the GIFT City by April-end, the release said. Wong extended an invitation to the Chief Minister to the inaugural function, which he accepted, the release said.
Wong was of the opinion that SGX office here will encourage many more subsidiary companies from Singapore establish their offices at GIFT City. He said that FDI inflow to Gujarat from Singapore was USD 1 billion in the last financial year, prominent among them being Sembcorp Industries, a global leader in renewable energy having commissioned renewable (wind) energy project in Bhuj.
Singaporean companies would like to invest in Food Processing, Housing, Fisheries, Financial Services sectors in Gujarat, he added. Rupani said that Gujarat is committed to establish GIFT City as a world-class investment centre for financial and technological companies on the lines of Singapore and Dubai.
He told the delegation that Gujarat is a leading state to attract FDI in India, while Singapore is the second largest contributor of FDI inflow into Gujarat in the last financial year.
Source: News18