India and Singapore have observed rapid growth in their business relations in recent times. During the last fiscal year April 1, 2017- March 31, 2018, Singapore was India's biggest source of Foreign Direct Investment (FDI) with around USD 16.2 billion invested by the island city. On the other hand, Singapore received 20 per cent of India's overall business investments. Among the presence of foreign companies in the city, Indian companies account for the largest number with over 9000 firms who have established their offices there. Indians account for the third-largest group of tourists who visit the city each year, and the numbers are rapidly growing at a rate of around 15 per cent. Both the nations, India and Singapore are well connected with 500 flights connecting some 18 Indian cities and Singapore every week.

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Balakrishnan: Believes Singapore a natural partner as India develops

As a result, to commemorate the growing relationship, the High Commission of India partnering with the government agencies in both India and Singapore, such as the Chamber of Commerce and Professional Associations, organized the India-Singapore business summit. The event was organized at the downtown Marina Bay Sands Expo and Convention Centre last week. The event was attended by India's External Affairs Minister S Jaishankar and Minister of State for Housing, Urban Affairs, Civil Aviation& Commerce, Hardeep Singh Puri. During the opening of the ceremony, Singapore's Foreign Affairs Minister Vivian Balakrishnan noted India's aim to double its current GDP to USD 5 trillion by 2024 and infrastructure budget over the next five years of USD 13.9 billion.

The Minister believed that Singapore can be of big help to India in its vivid plans to heighten in the areas of infrastructure planning, business expansion, and water conservation. Balakrishnan said he believes Singapore to be a natural partner as India develops. Their expertise in urban development, planning, and infrastructure finance will be helpful for India, he said. He added that Singapore has significant experience in planning and developing its scarce water sources which will be relevant to India in the light of Prime Minister Narendra Modi's recent highlight on water conservation. He also said Singapore can be India's gateway to the USD 2.8 trillion ASEAN economic community.

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India shows concerns over joining RCEP

India showed its concern about joining the Regional Comprehensive Economic Partnership (RCEP). The second day of the conference focused on finance, infrastructure development, and macroeconomics. Hardeep Singh Puri said Singapore played a crucial role in developing India which includes smart cities, aviation, skills development, and a lot more. He further said as India commence on the next phase of the government, it looks forward with higher ambitions and new opportunities to come in its way. He said Singapore will be one of the important partners of India. Over the last three decades, Singapore helped India to bridge the political, financial and intellectual gap. He said India shared ASEAN's strategic and economic vision for RCEP and wanted to see a comprehensive, fair and balanced deal. The choice that India will make will depend on the balance of economic and strategic interests that it sees resulting from the negotiations.
(With ANI inputs)

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