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August 17, 2014

WB CM goes biz shopping to Singapore

WB CM goes biz shopping to Singapore

Chief MinisterMs Mamata Banerjee, who is to leave for Singapore on Sunday , will tap theisland nation for investments in IT, ITES, logistics, city infrastructure andamusement parks -all areas in which it has made a global mark.

On her firsttrip to foreign soil since assuming office as CM, Mamata may also sound out Japanesemanufacturing giants like Sumitomo, Mitsui and Panasonic that have madeSingapore the headquarters of their Asia-Pacific operations.

The CM isalso likely to meet key personnel of leading global financial institutions andprivate equity firms. Singapore, now the Asian hub of most such institutions,can offer foreign direct investment in key projects in Bengal.

A visit toSentosa Amusement Park is part of Ms Banerjee's itinerary. Universal Studios,Singapore, is part of Sentosa that attract tourists across the globe and is thereplica of Universal Studios in the US. State government sources indicated thatentertainment infrastructure FDI was on the CM's agenda.

Herdelegation will include representatives from the entertainment sector, as wellas hospitality, shipping, FMCG, food processing, energy, engineering, cement,IT and real estate.

Informationtechnology is a key area in which the state government will tap Singapore. MoUis likely to be signed between a Bengal-based IT firm with a Singapore companyon August 19. Industry experts said that with Singapore becoming one of theworld's most expensive cities, many IT companies were looking at relocatingsome functions to India. Kolkata hopes to grab a share of that.