Originally published by Out-Law.com
A new Infrastructure Office will be set up in Singapore, giving local and international firms a dedicated place to obtain advice and expertise about regional investment opportunities.
The initiative, announced by finance minister Heng Swee Keat as part of his 2018 budget statement, will bring together local and international expertise from across the construction sector, from development to finance and execution. It will include developers, institutional investors and legal, accounting and financial services providers, according to the minister.
The announcement will support Singapore's goals to "forge stronger partnerships in infrastructure development and enhance connectivity in the region", Heng Swee Keat said. He went on to cite several examples of regional efforts to promote infrastructure development, including China's 'belt and road' initiative and Singapore's own Urban Development Hub, operated by the World Bank.
"The office will enable infrastructure players to better tap on opportunities in the region, while supporting Asia's infrastructure development and economic growth," he said.
The new office will be administered at government level by Enterprise Singapore, a new department which will be set up in April from the merger of International Enterprise Singapore (IES) and SPRING, part of the Ministry of Trade and Industry. The new Enterprise Singapore will also be responsible for delivering a new Partnerships for Capability Transformation (PACT) grant programme, which will be formed by combining a number of existing grant programmes currently administered by IES and SPRING.
More detailed plans for the new Infrastructure Office will be provided by Singapore's trade and industry and law and finance ministers during the budget debate.
"This 'one-stop shop' initiative will be welcomed by international players keen to participate in the exciting infrastructure investment needs in Asia," said Mohan Pillay of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law.com.
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