Map of start-up area (Image: Ministry of Trade and Industry (Singapore)).
A Singapore consortium comprising Ascendas-Singbridge and Sembcorp Development has been appointed master developer of the Start-up Area in Amavarati, which is the new capital of Andra Pradesh, India.
The appointment was announced by Andhra Pradesh Chief Minister Chandrababu Naidu and Singapore Minister for Trade and Industry (Industry) S Iswaran at a ceremony in Amavarati.
With this, the Singapore consortium, along with the government of Andhra Pradesh’s Amaravati Development Corporation, will form a joint venture known as the Amaravati Development Partners to develop the area, revealed the Singapore’s Ministry of Trade and Industry (MTI).
To be developed as the capital city’s financial district, the start-up area is located within Amaravati City’s 20-square-kilometre Seed Development Area. Spread across 684 hectares, the area is set to be developed in phases over 15 to 20 years, reported Business Times.
Meanwhile, Mr Iswaran also signed a memorandum of understanding with Mr Naidu for greater collaboration between Singapore and Andhra Pradesh in terms of “economic development through the identification of commercial opportunities for Singapore companies in Amaravati and Andhra Pradesh” and “sharing institutional expertise in areas such as urban governance, security and education”.
In highlighting the significance of the announcement, Mr Iswaran said, “This development will offer growth opportunities for Singapore companies not only in Amaravati City, but also in the state of Andhra Pradesh and the wider Indian market.”
“I encourage Singapore companies to study and seize these opportunities as part of their internationalisation strategy.”
This article was edited by Denise Djong.
