India wants more professionals and banks in Singapore

India and Singapore “should be able to conclude” a review of the Comprehensive Economic Cooperation Agreement (CECA) soon, as New Delhi seeks greater access to Singapore for its professionals and banks.

This was stated by Minister-in-charge of Trade Relations S Iswaran said during a two-day visit to India, reported The Straits Times on 17 May 2018.

CECA has been under review for six years though it expanded bilateral trade to US$16.7 billion from US$6.7 in 2004-05 after it was signed

Iswaran told The Straits Times: “Our officials have been working very hard behind the scenes and I think we are optimistic that we should be able to arrive at a conclusion soon.”

Iswaran chaired the inaugural Maharashtra-Singapore Joint Committee meeting on 16 May 2018 where the two sides signed a framework agreement to facilitate Singaporean investment into Maharashtra, one of India’s fastest growing states.

Singaporean firms are studying opportunities in the areas of integrated logistics and aviation in the state of Maharastra as well as looking at collaborations in developing low cost housing, a priority area for India’s government, said the Singapore Minister.

Singapore has expressed strong interests in being part of India’s massive infrastructure development and industrialization programmes in India.

Iswaran pointed out that Singapore firms had opportunities in India “but overall the smart cities initiative in India is consonant with the larger effort in Asia as a whole where there is rapid urbanisation and there is a need to ensure cities are eminently liveable”. fii-news.com