India among major investors in the city-state
Singapore seeks to expand trade relations with India post-COVID-19 by enhancing supply chain, industrial paths, logistics, MSME process, skill development, food, agriculture, medical supplies, urban development, and infrastructure, etc.
Listing range of business areas for furthering trade, India’s High Commissioner Jawed Ashraf underlined the city state’s wish to grow trade with India significantly post COVID-19.
In return, Singapore remains one of the most attractive destinations for Indian Start-ups to raise capital, be globalized, and avail other benefits.
“As we go forward, we need to see how to leverage to advance the objective of self-reliance and enhance our supply chain,” said the Envoy who has involved in every aspect of India-Singapore relationships, that has been turned into a “strategic partnership”.
Jawed Ashraf informed that Singapore is being one of the largest sources of investment for India and a leading source for foreign portfolio investment and commercial borrowers.
“India is a major investor in Singapore and a lot of Indian companies have established themselves in Singapore,” he said of the Indian business community being considered the largest in the city state, rated as the top financial hub in Asia.
The envoy gave an insight into both the countries’ trade relations at the PHD Chamber of Commerce and Industry’s webinar on “India–Singapore Business Promotion, Challenges, and Opportunities – Post-Covid 19” on 12 June 2020.
Singapore has a strong manufacturing base and has been working with governments around the world to ensure that the supply chain is not disrupted, participants at the webinar heard.
The country has been working on massive digitization of the economy and diversification of supply chains which will help the logistics and MSME sector to grow in the future.
The close India-Singapore relationship is multi-facet in terms of economic, cultural and trade linkages, added Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry.
Multani pointed out that India was one of the first countries to recognize Singapore for comprehensive agreements due to which this relationship turned into a strategic partnership.
Saurabh Sanyal, Secretary-General, PHD Chamber, called on Indian businesses to explore possibilities to enhance trade with Singapore. fiinews.com
