The Singapore Stock Exchange (SGX) will begin operations at GIFT(Gujarat International Finance Tec) City in collaboration with the National Stock Exchange (NSE) in July, according to Singapore High Commissioner Simon Wong, during a meeting with Gujarat Chief Minister Bhupendra Patel in Gandhinagar on Tuesday.
During the meeting, Patel discussed the possibility of Singaporean fintech companies establishing a base in GIFT City, where SGX has already established an office. The NSE IFSC-SGX Connect is a joint venture between India and Singapore to trade stock index-based products.
Singaporean firms’ participation in real-estate ventures, logistics, and warehousing were also discussed, according to a government statement.
Patel also invited MSMEs from Singapore to set up businesses in the state. Wong was accompanied by a delegation consisting of Cheong Ming Foong, Consul General of Singapore in Mumbai. Earlier in the day, Wong and his team also met Gujarat Governor Acharya Devvrat at Raj Bhavan in Gandhinagar.
The delegation visited to Hathijan in Ahmedabad on Monday, where the first of the Pradhan Mantri Awas Yojana’s affordable housing projects will be built in collaboration with Singapore construction firm Surbana Jurong (PMAY).
In Hathijan, at least 1000 units are being constructed. The collaboration is growing in all 15000 PMAY homes across India’s ten cities, including Ahmedabad, Rajkot, Vadodara, and Surat. On Monday, Wong and his team paid a visit to the newly constructed Gandhinagar railway station.