The Hindu Business Line : Singapore chamber intitiative to deepen linkages with India

A FILE PICTURE of the Commerce Minister, Mr Kamal Nath, and the Singapore Minister of Trade and Industry, Mr Lim Hng Kiang, after signing trade cooperation agreements. - S. Subramanium

Singapore , April 9

The challenge of promoting investment flows to India from and through Singapore, in the context of the scope in the infrastructure and other sectors, will come into focus during an `Asia Pacific Business Summit' here on April 12 and 13.

Styled as `Connecting India' the summit is being organised by the Singapore Indian Chamber of Commerce & Industry (SICCI), which prides itself on its reputation for "more than eight decades of enterprise development."

The Hindu and The Hindu Business Line are media partners for the event, and PricewaterhouseCoopers is the SICCI's knowledge partner.

Autonomous project

As a key event in the planned montage of `Celebrating India' shows under the overall auspices of the Indian High Commission here, the business summit has been programmed as an autonomous project of the SICCI. The events, from April 10 to 16, under the banner of `Celebrating India' will turn the spotlight on a spectrum of Indian arts, theatre, dance, films, fashion, and cuisines, besides the economic and political linkages between New Delhi and Singapore

The evolving context of the implementation of India-Singapore Comprehensive Economic Cooperation Agreement (CECA) will serve as the backdrop for discussions at the SICCI-organised business summit. The subjects range from the state of the Indian economy to the `Singapore connection' as regards the India-China equation, according to the organisers.

The Union Commerce Minister, Mr Kamal Nath, is scheduled to deliver the `Global Business Leader Lecture', while Mr Sat Pal Khattar, Chairman of Singapore-based Network India, will preside over a plenary session on the Indian economy.

The Hindu Editor-in-Chief, Mr. N. Ram, will deliver the keynote address on the theme of `India & China: The Singapore Connection'. Mr K. Kesavapany, Director of Singapore-based Institute of South East Asian Studies, will preside over this plenary session.

An exclusive session on the CECA will be chaired by Mr Gopinath Pillai, Chairman of the Singapore-based Institute of South Asian Studies.

Economic opportunities

Striking an upbeat note about the opportunities for strong economic linkages between Singapore and India, the SICCI Chairman, Mr. M. Rajaram, drew attention to the parallel challenges. In a conversation, he said "the litmus test" might be how the Indian side would facilitate the "direct flow" of investments to India from Singapore in the CECA context. So far, major Singapore investments in India were routed through Mauritius, which served as a "comfort zone" for such flows.

Emphasising the importance of a positive Indian response to the initial moves by Singapore investors to explore the direct route, the SICCI Chairman pointed out that their confidence had been "shaken" in a recent case. He said the case, now under litigation, related to a reneged allotment of project-land in Tamil Nadu in respect of a high-profile Singapore investor.

Ironing out glitches

Significantly, Mr Kamal Nath and the Singapore Minister for Trade and Industry, Mr Lim Hng Kiang, who met here on April 1 to review the CECA implementation ahead of the time set for this exercise, addressed the issue of "ironing out glitches".

Mr. Kamal Nath noted that India was making efforts to raise the comfort level of those Singapore investors who might wish to take the direct investment route rather than the time-tested Mauritius track. He said discussions had now begun to "put some more mass in the agreement (CECA)". Mr Lim indicated that the two sides had agreed to look at ways to widen the scope and benefits of the CECA.