Subject: Business forum launched to attract more Indian companies Wed 20 Jun - 4:21
SINGAPORE: Indian companies now form one of the largest contingents of foreign firms in Singapore.
So the top 25 companies operating out of Singapore decided to join forces and launch the India Business Forum.
The Forum aims to be the voice of Indian firms and promote India in Singapore and the region.
It was jointly launched by Singapore's Trade and Industry Minister Lim Hng Kiang and visiting Indian Foreign Affairs Minister Pranab Mukherjee.
There are at least 2,600 Indian companies operating out of Singapore.
That's more than double the number just five years ago.
And the newly-launched India Business Forum wants to be a platform for these companies to help them do business in and out of Singapore.
Mr Pranab Mukherjee said: "An effective forum will be very welcomed and a timely initiative, coming as it does when the two governments are working actively to raise the bilateral relationship to new heights. It can make a critical contribution to the appreciation of Brand India in Singapore."
Girija Pande, Chairman of the India Business Forum, said: "Indian business today is globalising at a very fast pace.......They are taking over companies or setting up new manufacturing facilities or services companies and all of them need to be represented. There are really two roles for this forum. One is to represent the interests in the country they operate and second is to project and be the voice of corporate India."
And, Singapore welcomes constructive proposals from the Forum on how to improve the business environment here.
Minister Lim told the Forum: "The strong and growing presence of Indian companies in Singapore is the best testament to the deepening economic linkages between India and Singapore. Looking ahead to the future, I am confident that the successes of your member companies will serve as further inspiration for other Indian companies to come to Singapore."
India's captains of industry say the Comprehensive Economic Cooperation Agreement signed between the two countries is already showing good results.
There has been an increase in trade between the two countries and companies from both sides are investing in each other's countries.
In fact, the Indian industry captains feel the investments from Singapore companies in India are just the tip of the iceberg and much more can be done.
Already, Singapore is among the top five foreign investors in India. - CNA/ir
Business forum launched to attract more Indian companies