Singapore’s Minister for Trade and Industry Lim Hng Kiang will be in New Delhi from December 18-19 to attend the ASEAN-India Ministerial Meeting.
During the visit, Lim would meet Indian Minister for Commerce, Industry and Textiles Anand Sharma as well as other ASEAN economic ministers, Singapore’s Ministry of Trade and Industry said in a statement today.
The Ministers would discuss business prospects with the ASEAN-India Business Council members.
In addition, Lim would attend the second India-ASEAN Business Fair & Business Conclave (IABF) being held from December 18-20.
The IABF, a second international conference and exhibition organised by the Ministry of Commerce and Industry, is part of the commemorative events marking the 20th anniversary of the ASEAN-India Dialogue Partnership.
“The IABF aims to enhance economic ties between India and ASEAN by facilitating the sharing of knowledge and business strategies among policymakers, business leaders and practitioners from various industries,” the statement said.
During his trip, Lim would also discuss business opportunities in Singapore with business leaders from the Associated Chambers of Commerce and Industry in New Delhi. He would be accompanied by officials from the Ministry of Trade and Industry.
India was Singapore’s 10th largest trading partner in 2011, with total trade amounting to a record high of S$35.4 billion last year, a 16 per cent increase from the previous year.
Singapore is the second largest investor in India, with S$12.3 billion invested as of 2010 in sectors like ICT, manufacturing and financial and insurance services.
India is the eighth largest investor in Singapore, with investments growing from S$1.3 billion in 2005 to S$24.1 billion in 2010, the statement said.
“India is our largest foreign corporate contingent spanning diverse clusters from IT services and education, to logistics and manufacturing,” the Ministry said.
India’s economic development opens up many new sectors, such as education, logistics, township planning, tourism and retail, it said.