we are confident that the proposed hub will further reinforce the merits of Singapore as a hub for regional operations and more foreign companies operating in infrastructure sector will be soon setting up subsidiary companies in Singapore.
(PRWEB) October 14, 2011
Welcoming the recent announcement regarding the World bank Knowledge Center, the Singapore corporate service agency’s Satish Bakhda said “ This indicates that the economic activity shifting towards Asia will spur the growth of infrastructure sector of the region, furthering a need for promoting the private sector involvement through structured finance and organized knowledge sharing and innovation and institutionalization of best practices. The World Bank’s hub will be an added stimulant in this direction for foreign enterprises operating in sectors such as construction, transportation, logistics etc., to focus on the developing economies of the region.”
The World Bank and Singapore signed an agreement recently at the World Bank-Singapore Infrastructure Summit 2011, to set up a combined World Bank Group office, which will be the first of its kind outside Washington. The proposed hub will offer products and services from across the World Bank Group to help unlock private sector interest in infrastructure investments, especially in developing East Asian economies.
The Singapore hub will also offer clients investment and advisory services from the International Finance Corporation (IFC), a member of the World Bank Group that finances and provides advice for private sector ventures and projects in developing countries. Multilateral Investment Guarantee Agency (MIGA), its private sector guarantee arm will also be part of the hub. The hub will be an expansion of WBG activities such as, Urban Hub and Infrastructure Finance Centre of Excellence, to which Singapore is already playing host.
World Bank president Robert Zoellick said, the group is “investing in Singapore as a knowledge economy and financial services centre'. He added “Frankly, whatever the challenges are in future, I suspect Singapore will be one of the leaders. So we, as a development institution, want to take advantage of the changes in the world economy by having a greater presence and knowledge base here”.
Mr. Bakhda further added “Singapore has several FTAs and DTAs signed with key economies of the region, therefore regional and international companies targeting a share in the infrastructure pie of the key economies like China, India, Vietnam, Bangladesh, Myanmar etc can immensely benefit by incorporating Singapore Subsidiary Companies. Registering a Singapore company and basing the regional operations here will bring all resources including knowledge, information and finance at their arm’s length. So we are confident that the proposed hub will further reinforce the merits of Singapore as a hub for regional operations and more foreign companies operating in infrastructure sector will be soon setting up subsidiary companies in Singapore.”
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