By Nirmala George, IANS,
Singapore : With business between India and Singapore touching new heights, the Singapore Indian Chamber of Commerce and Industry (SICCI) has opened an office in India to facilitate deeper trade ties between the two countries.
The SICCI office in New Delhi will function as a “hand-holding” facility for Singapore firms, helping them to navigate the Indian market, according to SICCI chairman Vijay Iyengar.
The new facility would also serve as a platform for Indian companies looking to do business in Singapore and the region, he said.
“There has been a quantum leap in terms of business between Indian and Singapore firms. A lot of small and medium sized enterprises from Singapore are going to India. We want to lend them a helping hand, help guide them through the maze of regulations and keep them informed about developments in different sectors of the Indian economy,” Iyengar said.
Bilateral trade between India and Singapore amounted to $16.6 billion in 2007, showing a substantial spurt since the two countries signed a Comprehensive Economic Cooperation Agreement (CECA) in mid-2005. The agreement has fostered strong economic relations and created extensive business opportunities between the two states, with Singapore emerging among India’s top four investors in recent years.
“Our office will act as a facilitator, helping to keep members abreast with changes in regulations,” said Iyengar.
SICCI, which was set up as the Indian Merchants Association in 1924, has more than 700 members in Singapore. Over the past few years, the trade body has served as a connecting forum for Singaporean companies seeking business opportunities in India.
“Many SICCI members have entered the Indian market and we can draw on their experience, their expertise. We can help open a few doors, point Singaporean firms towards India,” he said.
In recent years, SICCI has been working closely with other business groups, such as the Singapore Chinese Chamber of Commerce and Industry (SCCCI), to help businesses explore markets in China.
The SICCI’s New Delhi office could also serve as a platform for Indian firms wanting to do business in the Southeast Asian region. Indian investments in Singapore are also showing an accelerating trend. There are some 3,000 Indian firms having a presence in the city state, many of them using Singapore’s links with China, Japan, Malaysia and other countries in the region to internationalise their businesses.
India and Singapore have set an ambitious target of doubling annual bilateral trade to $50 billion by 2012. A review of the CECA, due to begin early next year, will aim to broaden the scope of the agreement and strengthen cooperation in areas such as tourism, intellectual property rights and extend the use of Singapore by Indian companies as a hub for expanding trade in the Asia-Pacific region.