Singapore continues to be an attractive investment, business and tourism destination despite the current economic environment.
But the challenge is to ensure the country does not lose its competitive edge globally, said Ajit Singh, Consul General of the Republic of Singapore, Chennai.
Addressing a seminar on the trade opportunities between India and Singapore, organised by the India-Asean-Sri Lanka Chamber of Commerce and Industry, Singh said while the days of high growth are over and Singapore has to be content with a more moderate growth rate, the country’s fundamentals are still strong.
“Singapore is a global city. It is a connected city plugging into the global market through good information, seaports, airports, telecommunication and free trade agreements. It is open to ideas, capital and enterprise and has transparent government and policy-making.”
Showcasing the country’s investment potential, Singh said Singapore was focused on upgrading sectors such as manufacturing, transport, construction, marine, power and telecommunication, to keep pace with the changing needs of the business community.
The country is also investing heavily in education and research and development.
“Almost 20 per cent of the annual state budget is allocated for education,” said Singh.
“We are also supporting entrepreneurship and enterprise. In recent years, we have taken several initiatives, many of which confer benefits to SMEs.”
Trade between India and Singapore is around $25 billion. India is ranked 11 among Singapore’s top 15 trading partners. Singapore is also the second largest source of FDI inflow into India at $18.4 billion.
Between January and September 2012, 6.7 lakh Indians had visited Singapore. This year, the target is one million visitors from India. Several Indian companies such as TCS, Tata Communications, Punj Lloyd and Fortis have a presence in Singapore.
“We would like India to continue to be our partner in the growth story as much as we would like to be part of India’s growth. Singapore offers abundant opportunities for Indian private sector enterprises,” said Singh.
Representatives from International Enterprise Singapore, Singapore Economic Development Board, Singapore Tourism Board and DBS Bank made presentations highlighting Singapore’s business environment, corporate tax structure and financing options.
swetha.kannan@thehindu.co.in