From Semiconductors to Data Centres: Yogi Adityanath's Big Investment Push For UP in Singapore

Singapore became the stage for Uttar Pradesh’s global pitch as Chief Minister Yogi Adityanath met top business leaders, financial institutions and Singapore’s political leadership to deepen economic ties. From green energy and semiconductors to digital banking and logistics, the visit underlined UP's ambition to align with India’s rise as a global economic force.

What did Yogi Adityanath discuss with DBS Bank in Singapore?

During his visit, Yogi met Tan Su Shan, Chief Executive Officer of DBS Bank, and her team for detailed discussions on investment and cooperation. The talks focused on digital banking, affordable financial services, capability development, semiconductor manufacturing and green energy.

The CM invited the Singapore-headquartered global financial institution to explore partnership opportunities in Uttar Pradesh. DBS Bank showed special interest in the state’s emerging energy ecosystem, particularly in green hydrogen, green ammonia, compressed biogas and solar energy.

An agreement was reached to explore cooperation in semiconductor manufacturing, with special focus on Global Capability Centres in Noida and Lucknow, affordable financial services and digitisation of cooperative banking. Discussions also covered encouraging Taiwanese companies to invest in semiconductor chip manufacturing in India.

The meeting included deliberations on digitising the cooperative banking framework. DBS Bank expressed willingness to support better and more accessible financial services for farmers through digital empowerment of cooperative banks in districts.

Established in 1968, DBS Bank had total assets of approximately USD 739 billion as of December 2023. Its wholly owned subsidiary, DBS Bank India Limited, operates at around 350 locations across 19 states. The engagement is being seen as a step toward aligning DBS Bank’s India development strategy with Uttar Pradesh’s digital economy and green growth ambitions.

How did Yogi Adityanath project India’s economic rise to the diaspora?

Addressing the Indian diaspora in Singapore, Yogi struck a confident note about India’s trajectory. He said, "We are all proud that New India is showing its strength to the world. Every Indian should feel proud of New India. That New India will soon establish itself as the third largest economy of the world."

He added, "Despite being so far away, the affection you have for the motherland generates a fresh enthusiasm within us for the development of India, for the spirit of doing something for our motherland."

Highlighting India’s technological transformation, he said, "Today, India has scaled new heights in every sector. Could anyone have thought 11 years ago that India would speak of digital India, that India would advance any discussion on start up ecosystem, that India would advance start up culture? But India has made this possible today. India's national capital Delhi hosted Global AI Impact Summit. Heads of State of more than 20 countries participated in the Summit. Representatives of more than 100 countries participated in the Summit. Heads of State of developed nations of the world generously appreciated the steps being taken not just for the welfare of India but for the entire world. Everyone felt the power of PM Modi's Digital India vision."

Reflecting on UP's transformation, Yogi said, "Nine years ago Uttar Pradesh was in a state of chaos. Riots, lack of safety, disorder and anarchy had become its identity. In the last 9 years, under the visionary leadership of PM Narendra Modi, Uttar Pradesh has been making that dream turn into reality. You can see a great combination of heritage and development there."

What engagements strengthened India-Singapore ties?

Singapore Prime Minister Lawrence Wong welcomed Yogi, stating, "Glad to welcome Uttar Pradesh Chief Minister Yogi Adityanath to Singapore. Uttar Pradesh is the third largest state economy and one of the fastest growing regions in India. Singapore companies have been investing in Uttar Pradesh, particularly in logistics, connectivity, and infrastructure development, with potential for deeper business and investment linkages. We had a good exchange on strengthening economic ties. I wish him a productive visit."

Responding on X, CM Yogi wrote, "Thank you for your warm welcome and the constructive exchange, H.E. Mr. Lawrence Wong, Hon. Prime Minister. Under the visionary leadership of our Hon. PM Shri Narendra Modi Ji, India-Singapore relations have been elevated to a Comprehensive Strategic Partnership, opening new avenues for investment, infrastructure collaboration and deeper economic engagement. Uttar Pradesh remains committed to further strengthening our economic ties and advancing shared growth priorities."

CM Yogi also held talks with Vivian Balakrishnan, Singapore’s Minister for Foreign Affairs. He said, "Had a meaningful discussion with Dr. Vivian Balakrishnan, Hon. Minister for Foreign Affairs of Singapore, today. Discussed strengthening Uttar Pradesh-Singapore cooperation under the Comprehensive Strategic Partnership, with focus on investment facilitation, infrastructure collaboration, skill development and digital economy partnerships. Reiterated our commitment to further strengthening India-Singapore relations under the leadership of Hon. PM Shri Narendra Modi Ji."

In meetings with business leaders, including Prasoon Mukherjee of Universal Success Enterprises Limited, fresh investments were highlighted. Mukherjee said, "We thanked him after land has been allotted to us to build a logistics park in Noida. The CM also told us that a cluster of data centres is going to be established near Lucknow. We also spoke about the housing and real estate sector. The CM told us that five expressways are coming up around Kanpur. We have signed MoUs for real estate, logistics park totalling to Rs 6000 crore investment. We see great potential in Uttar Pradesh."

The UP CM also met Sumit Nanda, Chairman and Managing Director of Golden State Capital Pte. Ltd., discussing infrastructure, emerging technologies and data centre investments in priority corridors.

The visit, which also included engagements at ITE College Central and the Aerospace Centre, signals Uttar Pradesh’s push to position itself as a key destination for global capital, aligned with India’s broader economic and strategic aspirations.

 (With inputs from ANI)