Staff Reporter
Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat expressed confidence in India’s strong economic fundamentals. He said that as the global economy recovers, India, with its resilient fundamentals, would bounce back strongly.
India has a vast number of young adults, a large and growing market, and is rapidly adopting digital technology-based platforms such as AADHAR, digital payments and e-RUPI.
Speaking on India – Singapore trade relations, DPM Heng highlighted the ‘India – Singapore Comprehensive Economic Co-operation Agreement (CECA)’ signed in 2005. He added that the CECA remained significant as it was the first comprehensive bilateral trade agreement that India signed with any country. The agreement has benefitted our two countries, and bilateral trade has grown. Singapore has been India’s largest source of FDI in recent years and India’s investment in Singapore has also increased.
Speaking on economic recovery, DPM Heng shared that in a world disrupted by COVID-19, India must work with partners beyond its shores, to make greater progress for itself and the world. On the way forward, DPM shared that Singapore was keen to partner India to grow and better integrate our digital economies, and that there was significant potential to collaborate on new areas of opportunities – such as FinTech and sustainability.
On future opportunities, DPM Heng highlighted there are many opportunities in urban solutions and agri-tech that businesses in India and Singapore can jointly explore.
Dr Naushad Forbes, Past President, CII and Co-Chairman, Forbes Marshall Private Limited in his opening remarks highlighted that there are three stages to the pandemic, in first stage in early 2020, with no vaccines and limited information countries adopted preventive approaches. The second stage marked the arrival of vaccines and rapid vaccination followed by third stage of opening of economic activities.
Earlier, opening the plenary at CII Annual Meeting 2021, the Director General of CII, Mr. Chandrajit Banerjee, welcomed all the dignitaries and attendees.
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