Renewed Optimism as Singapore Business Delegation visits Gujarat – India
- The Singapore Business Federation leads a business delegation of 30 to explore business opportunities in the state of Gujarat
9 January 2015 [Singapore] – Expectations are running high with the newly elected government of Prime Minister Narendra Modi, that India will embark on long-awaited reforms to move the country forward in its path of development and growth.
The Singapore Business Federation (SBF), in partnership with the Singapore Indian Chamber of Commerce & Industry (SICCI) and International Enterprise (IE) Singapore, is leading a delegation to explore business opportunities in key growth areas in India. The participating companies are from the areas of logistics management, education, urban design, real estate management, engineering consultancy and legal advisory services. The delegation is led by Dr D. Theyvendran, SBF Council Member and SICCI Chairman.
The mission coincides with Singapore’s participation as “Partner Country” at the Vibrant Gujarat Summit 2015 held in Gandhinagar, Gujarat. The delegation will also be visiting local industry giants Tata Motors Plant and the Gujarat International Finance Tec-City (GIFT). They will also have the opportunity to meet the Chief Secretary of Gujarat, His Excellency Shri D. J. Pandian.
India is Singapore’s eleventh largest trading partner, with total trade amounting to S$25.5 billion in 2013. Singapore is also India's largest trade and investment partner in ASEAN and accounted for approximately 28% of ASEAN-India trade in 2012/13.
“The diverse businesses representation in this delegation is a strong indicator of the business interest in India. Singapore has become one of the preferred countries in the Asia Pacific region for Indian companies to operate from and SBF hopes to help strengthen the business ties between Singapore and India.” said Dr D Theyvendran, SBF Council Member and SICCI Chairman.The ASEAN Economic Community 2015, which will come into force later this year, would create a US$ 2.4 trillion market of 600 million people in the grouping of the 10 member countries in South East Asia. The ASEAN-India Free Trade Agreement (AIFTA) will provide both Indian and Singapore companies a framework to access the opportunities of a more integrated ASEAN and other markets such as China and Northeast Asia.