Gujarat International Finance Tec-City Company Limited (GIFTCL), a Government of Gujarat initiative for developing a Global Financial Hub at Gandhinagar has signed a memorandum of cooperation (MoC) with Singapore Cooperation Enterprises (SCE), a Government of Singapore Agency on Friday.
The move is aimed at providing institutional framework to promote investment and development of international financial services in GIFT by Singapore-based government and private agencies.
The MoC would also promote setting up of financial service activities by Singapore-based financial institutions in GIFT area particularly, the GIFT special economic zone (SEZ), an official statement from the state government said.
The main objective of MoC is to identify areas of cooperation to stimulate business interest of the Singapore government and the private companies at GIFT Project.
Initially, it will cover infrastructure, real estate and financial services. Within the framework of MoC, GIFT and SCE together will identify and promote key investment sectors for collaboration, which may cover high rise buildings, infrastructure, financial services, technology, consultancy and related subjects, the statement further said.
GIFT and SCE will also identify specific projects for collaboration on best efforts basis, which will enhance bilateral cooperation between Gujarat and Singapore.
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The MoC was signed by the delegates from SCE and officials from GIFTCL. GIFTCL has been set up by the Government of Gujarat jointly with Infrastructure Leasing & Financial Services Ltd (IL&FS) for developing a global financial hub at Gandhinagar, for covering International Financial Services and Domestic Financial Services and allied activities.
The Singapore Cooperation Enterprises (SCE) has been set up by Singapore Government as a nodal agency to promote international cooperation between Singapore Government agencies and private enterprises with development agencies in other countries.