According to the MoU, CII will assist IDA in setting up Singapore business centres in specific Indian cities. IDA, in turn, will assist CII in its attempt to establish an Indian Business centre in Singapore.

Dr Kaizad Heerjee, assistant chief executive of IDA, told The Financial Express that the business centres will help the entrepreneurs and the companies of both the countries to mutually access all business and economic information. The centres will create an interface between the business community of the two countries.

The MoU also states that IDA will have the option of locating a Singapore business centre within CII secretariat. CII may also provide the staff and other facilities including its information base to IDA. The financial and other terms for such an arrangement will be worked out by both the organisations mutually.

Addressing a joint meeting of Singapore business delegation with CII, chairman of IDA, Mr Lam Chaun Leong, said that India and Singapore have strengths which make both the countries compliment each other in promoting the business and trade. Mr Leong said that IDA is a regulator as well as facilitator of infocomm in Singapore.

In his address, chief executive office of IDA, Ms Yong Ying-I, said that Singapore is competing with other countries to woo IT talent. Singapore has a pool of 93,000 technical professionals and around 250,000 more will be required in next five years.