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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 December 16, 2011 in the presence of Chief Minister Narendra Modi at Gandhinagar.

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.

Signing of MoC will provide institutional framework to promote investment and development of International Financial Services in GIFT by Singapore based government and private agencies. In pursuance of this MoC, GIFT and SCE together will identify and promote investment in GIFT Project. It will also promote setting up of Financial Service activities by Singapore based financial institutions in GIFT area particularly, GIFT SEZ.

The main objective of MoC is to identify areas of cooperation to stimulate business interest of Singapore based government and private agencies in 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. GIFT and SCE will also endeavour to identify specific projects for collaboration on best efforts basis which will enhance bilateral cooperation between Gujarat and Singapore.

GIFT and SCE have scheduled to hold a joint Seminar in January 2012 in Singapore during which SCE will facilitate participation of Singapore based government and private Financial Institutions, Banks, Developers etc. for participation in GIFT Project.

The signing of MOC is the beginning of increased cooperation between Gujarat and Singapore in GIFT project.

Those who witnessed the signing of MOC ceremony includes GIFT chairman Sudhir Mankad, Additional Chief Secretary to Finance M. Shrivastava, Principal Secretary to Industries M. Sahu, Additional Principal Secretary to Chief Minister G. C. Murmu and the delegates of SCE.

Sources: Gujarat Information Bureau

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