UP govt signs agreements with Singapore ahead of global investors' summit

The Uttar Pradesh government has signed a number of agreements with investors in Singapore ahead of a major global investors' summit in February, a state minister said here on Friday, as he sought Singapore's support for reaching at least USD 50 billion investment commitments target.

Uttar Pradesh Minister for Jal Shakti and Flood Control Swatantra Dev Singh said he received a very encouraging response from his roadshows in Singapore and Sydney to promote the UP Global Investors Summit (UPGIS). His was one of the eight delegations sent to more than 16 countries by the UP government to promote the investors' summit, to be held in Lucknow from February 10-12, next year.

At the Singapore roadshow on Friday, the UP government signed a Memorandum of Understanding with the Singapore Indian Chamber of Commerce and Industry (SICCI) to set the pace for Singapore investors to participate in the prosperity of UP.

Since we are pitching for investments, SICCI will act as a bridge between investment companies here and the UP government, Singh said.

SICCI will also act as a knowledge partner, provide avenues for growth, and define the trajectory for investors, said the minister who is also holding a series of meetings with the Singapore government and trade officials.

Singh said that Uttar Pradesh is set to become a USD 1 trillion economy in tandem with the central government's target to build a USD 5 trillion national economy in the coming years.

To achieve such targets, the UP government needs to have around USD 50 billion grounded as early as possible, he said.

Projects worth Rs 380,000 crore, raised from the 2018 UP Investors Summit, are in various phases of implementations, he said during his investments promotion tour.

Another USD 5 billion is expected from UPGIS," he added.

Singapore is a partner country for UPGIS.