Indians Are The Largest Business Group In Singapore

20 May 2013

Connecting Singapore, a one-day seminar on improving ties between the countries, was attended by business delegates and heads of state.

Speaking on the occasion Consul General of the Republic of Singapore Ajit Singh pointed out that while the global business environment faced a slew of challenges Singapore’s economy was in a new phase of growth. “We recognise that the days of high growth are over and we need to be content with modest growth rates,” he said, adding that the nation’s ‘open’ economy was susceptible to adverse effects in the economies of India and China.

Singh conceded that the high cost of doing business there was proving to be an impediment but added that the focus would now be on the island nation not losing its competitive edge. He listed several policy initiatives that Singapore had undertaken — such as investing in human capital and focusing on R&D — to provide a healthy business environment.

On the synergy between India and Singapore he pointed out that more and more Indian businessmen had begun viewing the island as a springboard to enter other Asian markets. “We have become the second most popular destination for overseas investment from India. Indians are the largest business community in corporate Singapore — ahead of of the Chinese, Malaysians and Indonesians.”

Stressing that Singapore wanted to be part of the Indian growth, Singh said cash-rich companies would be encouraged to invest in India. “India can also leverage our free trade agreements with countries like China, Japan and Australia.”

The event was attended by C S Muthu Subramaniyan, president of the India-Asean-Sri Lanka Chamber of Commerce and Industry, Indra Suppiah, centre director of International Enterprise Singapore, G B Srithar, area director of Singapore Tourism Board, Mumbai, and Carol Ong, manager - southern India, Singapore Airlines Limited, Chennai.

The event was co-organised by DBS Bank and Hindustan University.

Source: http://newindianexpress.com/cities/chennai/%E2%80%98Indians-are-the-largest-business-group-in-Singapore%E2%80%99/2013/05/20/article1597204.ece