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Noting that Singapore is the second largest source of foreign direct investment (FDI) into India after Mauritius, the Commerce and Industry Minister, Mr Anand Sharma, on Friday asked Singaporean firms to invest in infrastructure in India, especially in the Delhi-Mumbai Industrial Corridor (DMIC).
Pointing out that Singapore was the first country with which India signed a Comprehensive Economic Cooperation Agreement, he said the pact has helped in more than doubling the bilateral trade since its signing in 2005.
Bilateral trade is expected to have crossed $14 billion in 2010, an official statement said.
FDI inflows into India from Singapore during April 2000-October 2010 were worth $11.47 billion. Mr Sharma is in Singapore for the “India Show” that he inaugurated on Friday.
“India and Singapore need to ensure that their bilateral trade and investment is integrated into the wider India-ASEAN (Association of Southeast Asian Nations) economic engagement framework. This would be the key to future success of the India-Singapore economic partnership,” Mr Sharma said at the event.
Trade agreement
He said India has also inked a free trade agreement with Asean, adding that a separate FTA with Malaysia (an Asean member country) will be signed in February.
The “India Show” from January 14-16 is jointly organised by the Commerce and Industry Ministry and the CII.
Over 90 companies including Tata Group, ISRO, EXIM Bank, Amul, TVS Logistics, Sula Vineyards, Usha International, Emaar-MGF Land, Mahindra World City and Tea Board are participating in the show.
Later, addressing a symposium, Mr Sharma said, “We view Singapore as being the first step for forging a broader economic integration into Asean and East Asia.”
Mr Sharma met his Singaporean counterpart Mr Lim Hng Kiang to discuss bilateral issues including the review of India-Singapore CECA, which is likely to be concluded in 2011, the statement said.
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