A new business platform has been set up to grow Singapore and India business ties.
Called the India Business Forum (IBF), it was launched in Singapore today in the presence of visiting Indian Minister for External Affairs Pranab Mukherjee and Singapore's Minister for Trade and Industry Lim Hng Kiang.
The IBF is an initiative of the Confederation of Indian Industry (CII), which has an office here in Singapore. The CII is one of the top business chambers in India.
Speaking at the launch ceremony at Goodwood Park Hotel, Mr Lim hopes that the "IBF will serve as a bridge between our business communities where both Singaporean and Indian companies can network, strengthen old friendships and build new ones.''
Forums like the IBF will play a pivotal role in bringing the people of the two countries closer together and enhance mutual understanding of each other, he said. "I am confident that we will see many more such forums and platforms in future as Singapore continues to deepen our special friendship with India.''
Mr Lim said the setting up of the IBF in Singapore was timely as over the last few years the economic renaissance of India had been witnessed. And as part of this resurgence, a rising trend of internationalisation among Indian companies was also seen.
In Singapore, there has been a surge in the number of Indian companies setting up their operations here. While in 2001, there were only about 1,100 Indian companies in Singapore, but by the end of last year, there were almost 2,600 Indian firms-more than a twofold increase within these five years. This makes Indian companies one of the largest contingents of foreign companies in Singapore today, Mr Lim said.
The Indian companies span a diverse spectrum of businesses including IT services, education, logistics and manufacturing.
Mr Lim said that the Indian companies' presence was not just restricted to Singapore.
"Many of these companies - probably companies belonging to many of you who are present today-- have established regional HQs here in Singapore to launch your companies into other parts of the Asia Pacific region. Your experiences have earned you a wealth of local business knowledge, and I applaud the 25 member companies of IBF for coming forth to share your experiences with each other. With your diversity and collective wealth of experience, the IBF can grow to become a valuable clearinghouse of business knowledge for the rest of the business community,'' he told the assembled businessmen.
The strong and growing presence of Indian companies in Singapore was the best testament to the deepening economic linkages between India and Singapore, Mr Lim said.
