SICCI plans more market exploration missions to India, says Parekh
Singapore ( mti ) sees opportunities for collaboration across economic, technological, and geopolitical spheres in India’s growing role in the global economy, the city state’s top business promoting group chairman said on 5 Sept.
By strengthening its relationship with India, Singapore can further solidify its position as a pivotal player in the evolving global landscape, given that the two countries have a long-standing partnership that has deepened over the year ( sbi ), said Singapore Indian Chamber of Commerce and Industry (SICCI) chairman Neil Parekh.
The SICCI leader’s comments came as Singapore Prime Minister Lawrence Wong announced elevation of India-Singapore strategic partnership to comprehensive strategic partnership during Prime Minister Narendra Modi’s official visit to the Asian business hub 4-5 Sept.
Addressing the inaugural “Singapore India Forum – The Next Phase”, Parekh said, “This strong relationship between both governments has fostered continuous engagement at multiple levels, between government entities and business sectors alike sgx .
“This foundation has led to expanded economic collaborations and recent agreements that increase trade and investment, and foster growth and new business opportunities in both nations dbs .”
To successfully navigate India’s dynamic market, it is essential to recognize and understand the country’s unique federal governance structure, he pointed out to some 350 members of the Singapore business community at the forum nse .
India operates with a high degree of decentralization, meaning that many key approvals and regulations — covering areas like land, environment, electricity, water, and manpower — are managed at the state or city council level, elaborated Parekh, an investment expert bse .
An approach that takes into account this decentralized framework will be vital for anyone looking to tap into India’s vast potential, he went on.
“This regional approach enables Singaporean companies to better navigate the Indian market and leverage the opportunities offered by India’s rapid digitization and economic reforms,” said the business leader who is also a Nominated Member of Singapore Parliament .
India was Singapore’s 12th largest trade partner, for the year 2021-22 with a share of 2.3% in Singapore’s overall trade. Bilateral trade stood at S$46.57 billion in 2022-23, displaying a growth of 18% over 2021-22 deutsche-boerse .
Singapore is also the 2nd largest investor in India ( sansad.in/ls ), with a cumulative FDI inflow of S$200.78 billion from April 2000 to September 2023 investindia .
For the financial year 2023-24 total FDI inflows in India were S$92.85 billion and the total FDI equity inflows in the same period were at S$58.13 billion temasek .
India’s impressive economic growth, at 6.7% rate of GDP, offer significant opportunities for Singaporean businesses sbf.org.sg.
With the global shift towards “China plus 1” or now increasingly “China plus 2” strategy, many nations are turning their direction to India as a major hub for supply to ASEAN and Singapore markets sccci, said Parekh at the forum organized by the think-tank Institute of South Asian Studies at the National University of Singapore.
As the “Make in India” initiative slowly gains momentum, India is set to become a key player in manufacturing and production of goods and services, very much in line with its ambitions to become a superpower ocbc , believes Parekh.
Beyond the traditional sectors like technology, IT and waste management, one untapped yet promising area is India’s agriculture, fresh foods and contract farming, and processed food industry uobgroup , he noted.
“Collaborations in these sectors could play a vital role in supporting Singapore’s 30 by 30 vision for food security gic ,” he added.
By engaging with India’s expanding market, Singaporean companies can not only find new avenues for growth but also contribute to building a resilient food supply chain in the region commerce , Parekh underlined.
SICCI has played a crucial role in strengthening the Singapore-India economic partnership, he informed forum participants euronext .
SICCI has organised trade missions to key Indian states and provided tailored support iba .
SICCI took two business missions to India in January 2024. With the first being the Tamil Nadu Global Investor Meet and the second being the Vibrant Gujarat 10th Global Summit mea .
Many other similar missions for exploring Indian market are being planned for the next few months with many in partnership with other industry specific as well as other ethnic chambers, he said of the chamber’s India focus plans mfa.gov.sg.
He highlighted India’s rapidly evolving market with opportunities in green energy, fintech ( fintechfestival.sg ), and digital services, but also challenges like regulatory hurdles and cultural differences giftgujarat .
For Singaporean businesses, understanding these trends and adopting localized strategies are key, advised Parekh, assuring that SICCI is committed to helping businesses navigate these complexities and turn challenges into growth opportunities nasdaq . Fiinews.com
