Singapore to dig out business opportunities in northern India

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Tuesday , March 25, 2008 at 2349 hrs Moving ahead of the traditional hunting grounds for investments in metros, countries like Singapore are now turning to other regions like Punjab and Chandigarh for new business prospects. A delegation led by Goh Chok Tong, senior minister, Singapore visited Punjab to explore the business opportunities in the fields of infrastructure, real estate, finance, IT etc. While interacting with media persons at PHD Chambers (North), Tong said that the delegation is studying the industrial structure of the region and working on things that can be done together. "A lot of big companies have set up their units in Singapore and we'll try to help the small and medium enterprises as well to grow outside India," he said.

Tong suggested, "A delegation from India should visit Singapore so that investments can be pumped into both the economies. I share the view that India will see double-digit growth. I think the potential can be easily 10 to 12%. We want to give signals to others in Singapore that India is much more than just agriculture.

There is tremendous opportunity in IT, manufacturing and otherskilled industries. We would like to introduce Singapore as a catalyst whether it is SEZ or education or getting cooperation with other industries."

As per estimates the investments that have poured in from Singapore have crossed the mark of $10 billion and are expected to touch $50 billion by 2010. About 3,000 Indian companies have invested in Singapore so far with IT majors like TCS, Satyam etc, operating disaster management centers from there. Tong said two banks including Development Bank of Singapore and United Overseas Bank (OUB) are interested to invest in India. "The Development Bank of Singapore is planning to open 8 branches in India and OUB will also expand into other cities," he said.