Singapore companies have forayed into India market
Singapore has a good brand name in India and sees many opportunities to expand its bilateral cooperation with South Asia’s fastest growing economy, Senior Minister Lee Hsien Loong said on 11 Jan 2025 https://www.investindia.gov.in/.
“India is growing, and on the move,” said Lee, adding, “We have enjoyed very good ties with successive Indian governments.”
Singapore sees many opportunities to expand cooperation on several fronts such as bilateral trade, skills training and fintech, alongside exploring fields like healthcare, as well as digital and green economies, the former Prime Minister told Indian business community on 11 Jan https://fieo.org/.
Lee, who served as Prime Minister from 2004 till May 2024, highlighted the success of Comprehensive Economic Cooperation Agreement (CECA), a two-decade-old broad Singapore-India Free Trade Agreement that has helped to foster extensive trade, investment, and travel links between the two countries https://www.bseindia.com/.
“Many Indian companies have set up in Singapore to serve the region, while many local Indian businesses have successfully forayed into the Indian market,” The Straits Times quoted Lee as saying in a speech at a dinner hosted by the Singapore Indian Development Association (Sinda) and 14 other Indian community organisations appreciating his support for the Indian community during his tenure https://www.nseindia.com/.
He also pointed out that Singapore relies heavily on immigrants and foreign workers – who raise political sensitivities in many societies – to top up its population base and talent pool.
The inflow and integration of new arrivals must, therefore, be managed with the “utmost sensitivity and caution, to ensure the flows are balanced and sustainable”, noted 72-year-old Lee.
Locals in the manpower-short city state have raised issue of a growing number of migrant and foreign workers as well as investors and professionals, including those from India, in some cases citing their social ethics though these “new arrivals” are rated as important for driving economic activities in of the prosperous the city state, diplomatic observers noted.
Lee continued, “But we must also stand firmly against nativism and xenophobia, and welcome the new arrivals to become part of our extended family.”
Lee said Singaporeans should help these new arrivals adapt progressively to the way things are done here, and to the country’s social norms and ethos. It is an ongoing process that takes time, but gradually they will integrate into the local community, he added.
“This is how earlier generations became Indian Singaporeans, and it will happen with this generation, and with new arrivals from other groups and places too,” the broadsheet had the Senior Singapore ruling party leader as saying https://www.sgx.com/.
This is how the Singaporean identity can be sustained and enriched, and the way to build a cohesive and inclusive society that is “connected to the world, strengthened and not divided by our diversity”, he stressed.
Lee applauded the Indian community’s progress with the nation, and noted their considerable contributions in many fields.
While the community may be small, it has played a full role in Singaporean society and worked with other communities to contribute in many ways, he added https://sbi.com.in/.
This shows the success of Singapore’s multiracial model, which has created full and equal opportunities, a harmonious society and better lives for all, including the minority communities, Lee said.
He acknowledged the migrants from many parts of the Indian subcontinent – including Tamils, Malayalees, Telugus, Sindhis, Punjabis, Bengalis and Sinhalese – who came to modern Singapore in its earliest days in search of a better future, and who formed part of the Singapore story.
“These different groups sank roots here, formed bonds with one another, and out of this kaleidoscope of backgrounds, there gradually emerged a distinctive and proud Singaporean Indian community,” he said.
Lee noted that the Singaporean Indian community is flourishing, benefiting from the efforts of self-help community organisations, such as Sinda, and the People’s Association’s Indian Activity Executive Committees Council, or Narpani Pearavai, an Indian origin social activities group here.
Cheques of SGD150,000 each were presented to the Singapore Indian Education Trust and Sinda during the dinner attended by about 2,000 community leaders.
The community organisations can do good work because of the strong support of many selfless volunteers, said Lee, noting that their ranks include those who have moved to Singapore only recently.
Some have become permanent residents or citizens, while others are here temporarily, for school, family or work.
Regardless, they should be applauded for willingly stepping up to volunteer, said Lee, noting that this new crop comes from a wider range of backgrounds and places than earlier generations of Indian immigrants.
They add vibrancy and dynamism to Singapore’s Indian culture, and thus are contributing to the community and the country, he added.
The strength of the Indian community here has enabled it to reach out confidently to the rest of the world, SM Lee said, noting that Singapore has developed a healthy and extensive relationship with India and other countries in the subcontinent.
Indian accounts for about nine per cent of the six million population. Fiinews.com
