There seem to be more suitors for Singapore investors on the back of success with previous overseas industrial projects.
Singapore’s Ministry of Trade and Industry said the Suzhou-Industrial Park realised a 15 per cent on-year jump in its gross domestic product to S$23 billion as of the end of 2009.
Its fiscal revenue also grew to over S$2.2 billion, a 13 per cent jump over 2008.
The 15-year-old project attracted some S$2.5 billion in utilised foreign direct investment last year. And it is now one of the top performing industrial parks in China, with over 580 companies operating there.
The three industrial parks in Vietnam have also done well, attracting investments over S$3.5 billion.
Now, India wants Singapore companies to invest in its 105 Special Economic Zones (SEZs).
Incentives on offer include offshore banking services and tax breaks. These include exemption from Income Tax for the first 15 years, the Central Sales Tax, from Service Tax to SEZ Developer as well as from various state levies like VAT, entry tax.
Dr L B Singhal, director general, Export Promotion Council for EOUs and SEZs said: “From Singapore, we are specifically looking at electronics sectors, warehousing, logistics, servicing sectors. And also, development of the infrastructure because in the SEZ we are developing the government infrastructure, commercial infrastructure and the social infrastructure.
Source : Channel NewsAsia – 23 Mar 2010