Nearly 9,000 Indian companies work in Singapore
India and Singapore are collaborating in cutting-edge areas that will shape the future in the context of accelerating technological disruption – Fintech, Cloud Computing & AI, Cybersecurity, Healthtech, Smart Pharmaceuticals & Smart Medical Devices, IoT based Systems, Smart City Solutions, additive manufacturing, and renewable energy, among others.
Underlining the growing collaboration and partnership in fields, High Commissioner P. Kumaran highlighted, “The exciting start-up environments in India and Singapore are engaging with each other, including through the ‘InSpreneur’ platform initiated by the High Commission.”
The envoy updated the two countries growing bilateral relations at the 72 Republic Day observation held in Singapore on 26 Jan 2021.
The attractiveness of India as an export and investment destination for Singaporean and global investors is expected to further improve, due to the significant improvement in the ‘Ease of Doing Business in India’ among other reforms, he said. The creation of this conducive business environment has come about due to resolute policy measures such as massive modernization of infrastructure at an unprecedented pace, repeal of archaic laws, easier regulatory compliance etc.
“Encouraged by the economic opportunities in India, its steady economic growth, political and macroeconomic stability, and talented workforce, over 440 Singapore companies are registered in India, with Singapore investors accounting for a total FDI of about US$106 billion,” said Kumaran.
Even during the pandemic, Singapore has retained its position as the largest source of foreign investment in India, and Singapore companies across a wide variety of fields – from real estate, to infrastructure, to logistics, to food processing, to high technology – are benefitting from the large and expanding Indian market.
Nearly 9,000 Indian companies are registered in Singapore, contributing to the dynamism of the Singapore economy, creating jobs and also using Singapore as a springboard to explore opportunities in ASEAN.
‘Singapore is one of the largest sources of External Commercial Borrowings for India and a major conduit for Foreign Portfolio Investment. Leveraging Singapore’s conducive business environment and strength as a global financial centre, more than 80% of listed offshore bonds by Indian issuers are listed on the Singapore Stock Exchange,” said the envoy.
Joining the High Commissioner at the virtual Republic Day observance was Singapore’s Singapore Minister in the Prime Minister’s Office, Dr Tan See Leng, who expressed Singapore’s hope to facilitate a deeper partnership between ASEAN and India which would be to everyone’s benefits.
“Looking to the future, Singapore as a country coordinator of the ASEAN-India dialogue relations, hopes to facilitate a deeper partnership between ASEAN and India. This would be to everyone’s benefit as deeper integration with the region would enable greater access to significant opportunities,” said Dr. Tan in congratulating India on its 72 Republic Day.
India would always be a valued partner and a friend to Singapore. “We look forward to strengthening this relationship in the years to come,” he said, recalling India’s relationship with the city state since its independence in 1965.
“As our countries moves towards the next stage of recovery from Covid-19, we look forward to working with India who is a key player in the global pharmaceutical supply chain,” he said, noting the hard work put in by the two countries in keeping the supply chains open especially for essential goods such as health supplies and food.
“Our partnership is especially strong on the economic front. We will work with the Indian government to establish skill centres in different parts of India to expand on this area of cooperation.
Indian companies in Singapore have played their parts through partnerships with us and the region. Similarly, Singapore companies have a vested interest in the bright potential and promise of India.
The Minister singled out Capitaland of Singapore, which is continuing to expand its presence in India, having commenced construction of an IT Park in Chennai in the middle of last year. #investment #projects #trade #startups #Fintech #technology #exports fiinews.com
