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August 23, 2014

Singapore trip was a turning point for Bengal: WB CM

Singapore trip was a turning point for Bengal: WB CM

West Bengal Chief Minister Ms MamataBanerjee said that the visit to Singapore was a turning point for theindustrial growth of the State. “Everybody took lot of interest aboutinvesting in West Bengal. We have tried to build and communicate a positive imageof the State in there,” she said after her return to Kolkata after the5-day visit to the island country.

The West Bengal Chief Minister said,”A positive message has already reached the business fraternity ofSingapore and they are also showing keen interest in the State.” She alsopraised the delegation of industrialists from Bengal for their role inpromoting the State at Singapore business summit and other such meets. “13MoUs have been signed and we have initiated talks with several organisations. Bengalwill again see industrial growth,” she added. It is expected that morethan Rs 1500 crores will be invested in the State.

Three major agreements were signed,including that of Singapore-based GIC-invested PE fund's and Kolkata basedrealtor Hiland Group's agreement for a Kolkata Riverside development project,worth an estimated Rs 200 crore. The Singapore-based PE fund is sponsored byHDFC Property domiciled in Singapore.

Two other pacts were signed betweenKeventer Agro of Kolkata and InfraCo Asia of Singapore, for a food park atDankuni worth around Rs 1,000 crore, and between Axsys Technologies and CompassEnergy of Singapore for a collaboration on solutions in ship building and oiland gas exploration. The Axsys-Compass combine is expected to generate 800additional employments in West Bengal in next two years, a West BengalIndustrial Development Corporation Statement said.

Axsys is a Singapore-based engineeringdesign and project management company operating globally from Singapore,Thailand, Europe and the US. It caters mainly to the oil and gas sector.

A report on the Singapore visit is beingmade to make the people aware of the success the State in Singapore.

Ms Banerjee, who had earlier expressedconfidence that in near future the State would have a stronger and more dynamicbusiness relationship with Singapore, met Prime Minister of Singapore Lee HsienLoong and Singapore's Minister for Foreign Affairs K Shanmugam during hervisit. The West Bengal government, in association with the National Universityof Singapore, will create a study paper with focus parameters to facilitateentrepreneurs.

The Chief Minister was accompanied by StateFinance Minister Amit Mitra and a delegation of secretaries from the Statesecretariat.