MEDIA RELEASE
EMBARGOED UNTIL 11 JANUARY 2015, 1200HRS
IE Singapore and 70 Singapore business
delegates in Gujarat, India, to explore
opportunities
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Delegates are participating in the Vibrant Gujarat Summit 2015 and a
business mission by IE and SBF
F&B manufacturer Tong Garden announces set up of new plant in
Gujarat
MR No.: 001/15
Singapore, Friday, 9 January 2015
1. Following last month’s signing between Singapore and Andhra Pradesh to develop the
state’s capital city, Singapore companies continue to explore business opportunities in
other Indian states. 70 delegates across 40 Singapore companies spanning the urban
solutions, construction, logistics, energy and IT sectors are in Gujarat, India, this week
to further business interests in India’s second fastest growing state. Key events for the
Singapore delegation are the Vibrant Gujarat Summit 2015, a bi-annual investors’
summit aimed at attracting investments into the state, as well as a business mission
jointly organised by International Enterprise (IE) Singapore and the Singapore Business
Federation (SBF).
2. For the first time ever, Singapore is a Partner Country for the Vibrant Gujarat Summit,
first conceived in 2003 by Indian Prime Minister Narendra Modi, then Chief Minister of
Gujarat. The summit has been instrumental in promoting investments into the state.
Prominent global leaders such as UN Secretary General Ban Ki Moon and US
Secretary of State John Kerry are expected to attend this year.
International Enterprise Singapore is the government agency driving Singapore’s external economy.
IE Media Release 9 Jan 15
3. The Singapore delegation is led by Mr S Iswaran, Minister in the Prime Minister’s Office
and Second Minister for Home Affairs and Trade & Industry. It includes Mr Tan Soon
Kim, Assistant Chief Executive Officer (CEO) of IE Singapore, as well as
representatives from Singapore companies such as Hyflux, Meinhardt, Jurong
Consultants and SATS.
4. Said Mr Tan, “Fundamentals that make Gujarat a viable destination for businesses are
its strategic location on the West Coast of India, and excellent connectivity and power
infrastructure. Whilst certain challenges continue to exist as with most large developing
economies, we can take heart that India’s recent economic reforms and initiatives
bodes well for the future. A window of opportunity exists at this moment for Singapore
companies to move in early to establish first mover advantage and deepen business
linkages.”
5. Under the leadership of then-Chief Minister Narendra Modi, Gujarat has become known
to be one of the most investment friendly states. Gujarat attracted cumulative FDI worth
US$9.6 billion from 2000-2014, and is the second highest recipient of FDI in India after
Maharashtra 1 . Top international companies such as Ford and Tata Nano have
relocated their operations to Gujarat with the support of the Modi-led state government.
6. At the Vibrant Gujarat Summit, Singapore nuts manufacturer, Tong Garden, announced
the setup of its agri-processing unit for packaged foods and snacks in Sanand, Gujarat.
This investment will be its first manufacturing facility in India.
7. Said Mr James Ong, Managing Director of Tong Garden, “India is set to be one of the
world’s fastest growing consumer markets, and presents a rising opportunity especially
for F&B brands like Tong Garden. We are pleased to announce our plans to set up in
Gujarat, because of the access to raw materials the location provides, as well as the
relative ease of doing business here.”
8. At the Summit’s Global Trade Show (GTS) held from 7-13 January 2015, the Singapore
Pavilion highlighted potential areas for partnership such as urban solutions,
manufacturing and energy. In addition, about 250 companies from Singapore and
Gujarat participated in a Singapore Country Seminar, which included panel discussions
focusing on business partnerships and India-ASEAN trade links.
1
India Brand Equity Foundation, Gujarat State Report, August 2014
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IE Media Release 9 Jan 15
9. The business mission by IE Singapore and SBF, taking place on 9-13 January 2015,
will introduce participating companies to iconic developments implemented by Gujarat
to promote foreign investments into the state. These include the Gujarat International
Finance Tech (GIFT) City and the Sarbamati Riverfront project. The Singapore
delegation will also network with Gujarat’s government officials and local businesses.
10. Over the past decade, Gujarat’s Gross State Domestic Product (GSDP) expanded at a
compound annual rate of 16.1%, making it one of the fastest growing states in India2.
Gujarat is a leader in industrial sectors such as chemicals, petrochemicals, dairy,
cement and pharmaceuticals. The state contributes to about 17% of total industrial
production and 25% of export of goods in India.
11. Singapore companies with a current presence in Gujarat include an edible oils refinery
in Mundra by Adani Wilmar a joint venture between Wilmar Holdings and Adani Group
and a Hitachi-Hyflux seawater desalination plant in Dahej.
---End--Note to Editor
Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is
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releases, website or Statlink, should be attributed to IE Singapore.
Issued by IE Singapore. For media enquiries, please contact:
Janissa NG
Manager, Corporate Communications Group
DID
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Mob : + 65 9822 4710
Email : [email protected]
_______________________________________________________________________
2
Planning Commission Databook, June 2014
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IE Media Release 9 Jan 15
About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore’s
external economy. We promote international trade and spearhead the overseas growth
of Singapore-based companies to grow Globally Competitive Companies.
IE Singapore attracts global commodities traders to establish their home base in
Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities
and metals & minerals trading clusters.
Through our Global Company Partnership, we work with Singapore-based companies to
customise total solutions in capability building, market access and financing for their
internationalisation.
Our global network of overseas centres in over 35 locations provides the necessary
connections in many developed and emerging markets. In India, we are present in three
locations, namely Chennai, Mumbai and New Delhi.
Visit www.iesingapore.com for more information.
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