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Union Minister of Commerce and Industry Piyush Goyal | (Photo: PTI)
Commerce and Industry Minister Piyush Goyal on Sunday said there are plans to open offices in different countries in the coming months to hand-hold foreign investors looking at opportunities to invest in India.
The first such office of Invest India — the national agency to promote investments into the country — was inaugurated by the minister in Singapore.
It will act as a dedicated point of contact for companies from the region looking to invest here.
This move reinforces India’s commitment to deepening investment partnerships and making it easier for global investors to engage with India.
“The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors,” the commerce and industry ministry said in a statement.
Within the Invest India Singapore office is the National Industrial Corridor Development Corp Ltd.
Speaking at the event, Goyal said Singapore is a key strategic partner for India, and this office marks a new chapter in India’s efforts to strengthen economic cooperation with Singapore and the broader ASEAN (Association for Southeast Asian Nations) region.
Opening of the first such office in Singapore assumes significance as India receives the highest foreign direct investment (FDI) from that country.
India attracted $11.77 billion FDI from Singapore in 2023-24. Since 2018-19, Singapore has been the largest source of such investments for India. In 2017-18, India attracted the maximum FDI from Mauritius.
The other major countries in the line include Mauritius, the US, the UK, the UAE, Cayman Islands, Germany, and Cyprus.
Interacting with guests and mediapersons, Goyal highlighted India’s ambitious drives to industrialise the country with mega developments such as the semiconductor as well as the shipbuilding industries.
He said investments into India were flowing as it has been and the Invest India office will facilitate, as one stop, businesses approach and participation in Indian prosperity.
Rumki Majumdar, Economist, Deloitte India, has earlier stated that as one of the world’s prominent financial hubs, Singapore attracts global investors who want to invest in Asia.
Foreign direct investment in India jumped 47.8 per cent to $16.17 billion in April-June this fiscal year on healthy inflows in services, computer, telecom and pharma sectors, according to government data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 22 2024 | 6:48 PM IST
