The Hindu Business Line : Singapore business chamber keen on SEZ route

Singapore Business Federation (SBF), the apex business chamber in Singapore, representing over 15,000 companies in the island state including MNC outfits, has renewed its focus on India post-CECA (Comprehensive Economic Co-operation Agreement), and particularly West Bengal.

SBF, set up through an Act of Parliament, in its earlier avatar was known as the Singapore Federation of Chambers of Commerce and Industry (SFCCI).

Talking to Business Line here recently, Mr Richard Koh, Deputy Director (South Asia), Global Division, SBF, said ever since the India Desk was created a year or so ago, focus has been strong on West Bengal, and the federation, after CECA , was now closely examining the scope of entry into West Bengal through the SEZ platform for Singapore companies.

While everyone is quite upbeat about CECA and trade possibilities, large capital flows from Singapore into India have not yet taken place, causing a bit of concern for both sides. Asked on this, Mr Koh admitted that Singapore companies were still feeling their way, and "the SBF is helping to speed up the process by taking more business delegations to India".

Challenging task

Commenting on the challenging task before SBF, he said "as the country's apex business chamber, we champion the interests of the business community in Singapore, in trade, investment and industrial relations". Internationally, SBF represented the Singapore business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking, he pointed out.

An integral part of the erstwhile SFCCI's proposal was for Government to enact legislation requiring the top 20 per cent companies in Singapore to pay a business levy to fund the work of SBF. All companies having a paid-up capital of S$ 0.5 million and above are now members of SBF.

The Singapore Government has appointed a Board of Trustees to oversee the functioning of SBF and ensure that it does not deviate from its mission.

Pointing out that SBF was also thinking of creating a CEOs' Forum out of its high profile membership, Mr Koh said SBF was already working closely with Indian apex chambers such as CII and FICCI on business networking.