CII honors Singapoore Ministers
Singapore Finance Minister Heng Swee Keat has suggested more support for Indian-Singapore startups and call for an innovation corridor between the two countries.
“First, besides liking up established businesses, we can do more to support our start-ups and build an innovation corridor between Singapore and India,” said Heng inaugurating the Confederation of Indian Industry (CII) annual lecture in Singapore on 20 Aug 2018..
“We can explore more ways to connect businesses, perhaps through online and new data-driven platforms. This would give businesses an overview of the opportunities available and provide a near-instantaneous way of linking up,” he said in a keynote address at the lecture, which will be CII’s annual event here.
The minister also called for enhancing partnerships between entrepreneurs at different stages in their development.
Programmes such as the “India Ready Talent Programme”, involving CII and universities in Singapore, are good starting points. The programme allows students in Singapore to tap on the CII’s network of over 8,000 members for internship opportunities in India, he pointed out.
“In the long-term, we hope to create a network of innovation and collaboration. I hope CII and Singapore agencies and organizations can work closely together on this effort.”
Secondly, businesses are changing all the time. The great old houses of Indian commerce have diversified into new industries such as Fin Tech and digital solutions, he noted.
The minister invited CII to connect India’s new generation of business leaders with Singapore partners, to look for new opportunities to network, and foster greater innovation.
Heng also sees India playing a significant role in the region, covered under the Regional Comprehensive Economic Partnership (RCEP) which is expected to be concluded by the end of this year.
“Through agreements like CECA (Comprehensive Economic Cooperation Agreement) and the RCEP, India can play a significant role in our region,” Heng told over 100 businessmen from the two countries and CII delegates at the inaugural lecture.
“An economically integrated region would allow us to realise our collective growth potential,” he stressed.
In 2019, India is expected to grow by 7.8 per cent while ASEAN iis expected to grow by 5.3 per cent. “ASEAN and India share similar advantages, such as a relatively young population, a growing middle-class and rapid urbanisation,” he noted.
“By working together, we can leverage on a common growth engine,” he said, applauding CII for its role in building business links between India and Singapore for the past 25 years.
CII, which established its South East Asia Regional office in Singapore in 1994, facilitated business associations and leaders for guiding in the bridge building process.
CII facilitated Emeritus Senior Minister Goh Chok Tong and minister Heng as well as the Indian High Commission in Singapore for 25 years of guidance in building the India-Singapore businesses network. fiinews.com
