India urges Singapore to invest in Delhi-Mumbai Industrial Corridor

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New Delhi, May 11 (ANI): Union Commerce and Industry Minister Anand Sharma on Tuesday urged his urges his Singaporean counterpart, Lim Hng Kiang, to encourage Singaporean entities to invest in one of the 24 nodes of Delhi-Mumbai industrial corridor, a project aimed at developing an industrial zone spanning six Indian states.

Lim met Sharma today to revisit their engagement, which both the countries view as significant in bilateral context, in the regional context, and in an extended economic region of Asia and Pacific.

Sharma said that during the meeting, the two countries discussed the Delhi-Mumbai Industrial Corridor, and he asked Singapore to invest in the 90 billion dollars project.

"Also the Delhi-Mumbai Industrial Corridor we have discussed, and the investment nodes, and we have urged Minister Lim to encourage Singapore entities, bringing together on one platform all the stake-holders to invest in one of the 24 nodes identified under the Delhi-Mumbai Industrial Corridor, which will, in fact, be covering six states in India," said Sharma.

The project will see a major expansion of infrastructure and industry, including industrial clusters and rail, road, port and air connectivity within the six states along the route of the Corridor.

The ambitious Delhi-Mumbai Industrial Corridor (DMIC) has received a major boost with India and Japan inking an agreement to set up a project development fund.

Meanwhile, Singapore also discussed their generic drug imports from India and made the import procedure much easier at the registration clearance desk from a generic company.

"Basically, whenever Indian companies producing generics, whenever you sell to a country, you got to go through a regulatory process of registering and getting regulatory clearance," said Lim Hng Kiang, Trade and Commerce Minister of Singapore.

"What we have agreed is that you can do that in a normal way but if your generics are already cleared through one of the five countries - US, Canada, EU, UK or Australia - Singapore would take that as already cleared, and we will import it without additional clearance from a generic company," he added.

Singapore is India's largest trading partner in the Association of South-East Asian Nations (ASEAN) region. (ANI)

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