Singapore expertise can help Indian business scale globally
A SICCI-ICAO MoU signed Feb 2024 will deepen Singapore-India ties while facilitating investment flows in both directions, says a leading business leader in the city state https://www.investindia.gov.in/ .
“This MoU-based partnership marks a new chapter in professional and industry collaboration that will deepen Singapore-India ties while facilitating investment flows in both directions,” said Singapore Indian Chamber of Commerce and Industry (SICCI) Chairman Neil Parekh https://www.bseindia.com/ .
SICCI signed the MoU with the 100,000-member strong Institute of Chartered Accountants of India (ICAI) in Feb 2024 https://www.nseindia.com/ .
“With over 100,000 global members, ICAI’s collaboration with SICCI will undoubtedly be a game-changer,” underscored Parekh who is also a nominated member of Singapore parliament. SICCI has more than 500 business-members with regional networks across Asia https://fieo.org/ .
Parekh elaborated on how synergies between professional institutions and business associations can create new avenues for growth and collaboration in finance, accounting, and beyond.
Beyond institutional partnerships, Singapore’s unique position as a global hub for Indian companies seeking to expand globally cannot be overstated, added Parekh at the ‘Business Leaders Forum 2024’ organised by ICAI on 26 Nov.
Elaborating, the underlined that Singapore has the expertise, infrastructure, and regulatory environment that can help Indian businesses scale globally and innovate, says a leading business leader from the city state https://www.sgx.com/ .
“Combining Singapore’s strengths in these areas with India’s vibrant market and skilled workforce, we can create a truly global ecosystem that drives growth and prosperity for both nations,” said Parekh https://www.hcisingapore.gov.in/ .
“Singapore offers a stable and competitive environment for Indian businesses, and this has been made possible through frameworks like the Singapore International Chamber of Arbitration (SICA) and the Double Taxation Agreement (DTA),” he highlighted.
These frameworks provide the legal and fiscal certainty that Indian companies require when venturing into global markets.
Singapore is an attractive base for foreign institutional investors (FIIs) looking to invest in India, offering unparalleled access to India’s burgeoning market and regulatory environment, Parekh continued.
The Comprehensive Economic Cooperation Agreement (CECA), signed in 2005, and the ASEAN-India Free Trade Agreement (AIFTA), signed in 2009, have created a robust platform for trade, investment, and business collaboration between the two nations.
“These agreements have been instrumental in expanding economic and commercial ties, and they continue to play a vital role in fostering deeper integration of our economies,” Parekh elaborated.
He underscored that India and Singapore have become indispensable partners, with Singapore being India’s largest trading partner in ASEAN and its second-largest foreign direct investment (FDI) source globally.
Indian companies have recognised the strategic advantage of being based in Singapore, he noted. With its competitive tax regime, excellent infrastructure, and ease of business, Singapore has become the base of choice for many Indian companies looking to expand into the Association of South East Asian Nations (ASEAN) region and beyond.
Over 9,000 Indian companies are registered in Singapore, spanning various sectors, from manufacturing to services. “This growing corporate presence is a testament to the close economic relationship between our two nations,” he said.
Moreover, the Indian banking sector in Singapore has also grown significantly, with nine Indian banks operating in the country, including Bank of India, Indian Overseas Bank, UCO Bank, and ICICI, among others.
The presence of these banks, particularly with Qualifying Full Bank (QFB) status granted to both the State Bank of India and ICICI, has further facilitated the movement of capital, the expansion of business, and the financial integration between India and Singapore, said Parekh.
“As we look ahead, we see immense opportunities for deeper collaboration. With its dynamic and rapidly growing economy, India is positioned to become the world’s third-largest economy by 2030.”
With a GDP of US$3.7 trillion and a population of over 1.4 billion, India represents a massive market with vast innovation, manufacturing, and investment potential, according to Parekh.
The Indian government’s initiatives, such as “Make in India,” “Digital India,” and “Atmanirbhar Bharat”, have created a favourable environment for foreign investments and business growth.
“With India now home to the third-largest startup ecosystem globally, there are numerous avenues for collaboration in sectors such as fintech, health tech, clean energy, and green technologies,” he highlighted
In contrast, Singapore continues to lead the world in financial services, technology, and sustainability, he pointed out. Fiinews.com
