South Asia

May 24, 2006

Singapore's investment in India grows

CHENNAI - India was expecting a 300% increase in its foreign direct investment from Singapore in the first year of implementation of the comprehensive economic cooperation agreement (CECA), which was cleared by the Union Cabinet in June 2005, a top Confederation of Indian Industry (CII) state official said.

"The signing of the CECA has paved the way for increased economic activity between the two countries said R Ramaraj," Vice Chairman, Tamil Nadu State Council, CII and managing director and CEO, Sify Ltd, at a special session here with the High level delegation from the Singapore Chinese Chamber of Commerce and Industry(SCCCI) and Singapore Indian Chamber of Commerce and Industry (SICCI).

"It is envisaged that by 2010, the two-way trade between the two countries will cross US$50 billion," he said.

Ajit Singh, consulate general of the Republic of Singapore, said that Singapore was the third-largest exporter to India and the CECA signed between India and Singapore last year has further strengthened the economic cooperation between the two nations.

In his address, N Kumar, vice chairman, the Sanmar Group, and past CII's president said, "Singapore is not just India's most important trading partner amongst the ASEAN countries, but also significant as India's gateway to ASEAN and China.

He said that the bilateral trade between the two countries in in 2005 has grown by 52.24% with India's imports from Singapore (worth $2.58 billion) having grown by 23.94% since last year.

(PTI/Asia Pulse)

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