home News Singapore consortium closes Andhra Pradesh’s Amaravati “Startup Arena ” Project

Singapore consortium closes Andhra Pradesh’s Amaravati “Startup Arena ” Project

In the recent developments happening in the state of Andhra Pradesh, the Singapore government has said that it has noted the decision made by the Andhra Pradesh government to close the Amaravati Capital city  “Startup Arena”  project. The state government has released a Government Order closing the Amaravati Startup Arena project dated 11 November 2019.

The closure is based on mutual consent between the Government of Andhra Pradesh and Singapore Consortium. The Singapore consortium comprises Asecendas Singbridge Pte Ltd and Sembcorp Development Ltd. “S. Iswaran” the Minister of foreign trade relations in a press release said,” The Singapore consortium was appointed by the government of AP in 2017 to help master develop the 6.84 square km Startup area of Amaravati. We noted that the newly elected government has decided not to proceed with the startup area given its other priorities for the state.

Companies recognize such risks when venturing into any overseas market and factor them into their investment decisions. He added,” 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. 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 internationalize by exploring opportunities in India and other overseas markets.

This statement comes just after that the previous government led by Telugu Desam Party has failed to issue a gazette notification defining the region of the capitol. The recent government led by YSRCP not so keen on Amaravati, While Chandrababu Naidu has envisioned Amaravati as an International megapolis. The YSRCP government has alleged that the previous government has done inside trading and corruption in the capital region and the latest government has stopped all the undergoing projects in the capital area.