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Amaravati: Singapore and AP joint project officially terminated
The joint project between Singapore and Andhra Pradesh to develop the state's new capital Amaravati has been officially terminated, said the Ministry of Trade and Industry in a press statement on Tuesday. The Hans India accessed it.
Amaravati: The joint project between Singapore and Andhra Pradesh to develop the state's new capital Amaravati has been officially terminated, said the Ministry of Trade and Industry in a press statement on Tuesday. The Hans India accessed it.
In the statement, it explained that, the Singapore Government noted the decision by the Government of Andhra Pradesh (GoAP) to close the Amaravati Capital City Start-Up Area project via a Government Order dated 11 November 2019. The closure is based on mutual consent between the GoAP and the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd, explained, Minister-in-charge of Trade Relations S Iswaran.
He said, "The Singapore Consortium was appointed by the Government of Andhra Pradesh in 2017 to help master develop the 6.84 km2 Start Up Area of its new capital city Amaravati. We note that the newly elected Government of Andhra Pradesh has decided not to proceed with the Start-Up Area given its other priorities for the state."
"Companies recognise such risks when venturing into any overseas market and factor them into their investment decisions. In this instance, the Singapore Consortium companies have stated that the project has cost them a few million dollars, and that its closure does not impact their investment plans in India", he informed.
Singapore companies remain interested in opportunities in Andhra Pradesh and other Indian states because of the size and potential of the market. Our economic agencies will continue to help our companies internationalise by exploring opportunities in India and other overseas markets."
