Odisha And Singapore Sign 8 MoUs In Semiconductors, Green Hydrogen, And FinTech

Highlights Of The MoUs

The MoUs seek to enhance the industrial and technological base of Odisha while at the same time generating a workforce that is capable of driving innovation. The details of the collaboration are provided below:

Industrial Parks and Green Hydrogen Corridor

• Singapore-based Sembcorp has entered into two agreements with the Odisha Industrial Infrastructure Development Corporation (IDCO), one of which aims to establish industrial parks. At the same time, the other seeks to create a Green Hydrogen Corridor, thus potentially positioning Odisha as a centre for renewable energy technologies.

Petrochemical and Petroleum Investment Region (PCPIR)

• IDCO, in combination with Surbana Jurong from Singapore, made an advancement in sustainability by improving the petroleum and petrochemical infrastructure.

New City Construction in Odisha

• In collaboration with Surbana Jurong, the BDA set out to construct a new city with the latest urban planning and design features.

New Energy Sector Collaboration

• An MoU involving Nanyang Technological University (NTU), GRIDCO, and IIT Bhubaneswar focuses on advancing new energy technologies.

FinTech Ecosystem Strengthening

• Odisha Electronics and Information Technology Department entered a partnership with Singapore Global Finance & Technology Network to improve the FinTech ecosystem in the state. This partnership aims to encourage more regional investment, cultivation of rising startups, and development of new technology.

Skill Development Expansion

• The Department of Skill Development and Technical Education has initiated a partnership with ITEES of Singapore to introduce advanced skills development programs in India. Under this partnership, the Institute plans to start courses in Digital Animation, Artificial Intelligence, Marine Engineering and Aerospace Technologies.

Semiconductor Sector Skilling

• The existing efforts aimed at developing the semiconductor industry also encompass such items as the development of educational programs on the fundamentals of semiconductors, IC packaging and wafer fabrication technology.

Boosting Odisha’s Economy and Workforce

The state of Odisha has been trying hard to amplify its economy while employing the people living there. The government has made mutual business treaties which aim to put the state on the map in terms of technology or innovation. These government initiatives aim to skill working individuals, nurture innovation, and anticipate the future as well:

• Setting up a World Skill Centre in Bhubaneswar to include programs like Cybersecurity, Blockchain, Cloud Computing and others.

• Creating employee investment funds to assist in stimulating startups, particularly in FinTech and InsureTech.

• Fostering a future-ready technology-skilled workforce and working towards the India target of Insurance For All by 2047.

Read More: Boosting Global Trade With Trade Infrastructure For Export Scheme (TIES)

Statements From Leaders

The Chief Minister of Odisha, Mohan Charan Majhi remarked positively about the partnership, saying, “There is great scope for partnership between Singapore and Odisha.” During his visit to the World Skill Center and the Vertical Transportation Lab, the President of Singapore Tharman Shanmugaratnam, praised the state of Odisha for its advancement in skill development and modern technology innovations.

Conclusion

The collaboration between Singapore and Odisha appears to be a significant step towards environmental preservation and becoming technologically cutting edge. This effort which emphasises green power, technology development and creative skills is expected to significantly influence the trajectory of Odisha’s industrial future.

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