The Hindu Business Line : Indian companies urged to use Singapore as global gateway

THE Deputy Prime Minister of Singapore, Dr Tony Tan, encouraged Indian companies to use Singapore as a marketplace and gateway, adding that the completion of the Comprehensive Economic Co-operation Agreement (CECA) would be a significant achievement towards this end.

In a business meeting organised by the Federation of Indian Chambers of Commerce and Industry, here, he said, "CECA would also send strong signals of India's commitment to engage Singapore and the larger ASEAN region; as well as its commitment to liberalise its economy further through economic reforms, which would make it an attractive investment location. Singapore could act as a gateway and launch pad for companies to contribute and participate in the further growth of the Indian Economy," Dr Tan said.

He also said that Singapore venture capital firms were looking at investment opportunities in India.

Dr Tan said Singapore was going through an exciting period. There is going to be a shift in focus from Europe and the US to India and China, and there is a large scope for enhancement of business collaboration.

There are currently 1,400 Indian companies operating in Singapore. He emphasised that enhanced co-operation in fields including diplomatic, economic, security and defence is possible between India and Singapore. He identified financial services, pharmaceuticals, biotechnology, aviation, education and defence as possible areas of business co-operation.

Dr Tan said, "We have had extensive discussions with the Home Affairs Minister and the Defence Minister of India and are looking at co-operation in defence and security. There are possibilities of setting up joint defence labs between India and Singapore, work in the exciting biometrics passports area and homeland security."