Indian-owned companies in Singapore came together to form the India Business Forum (IBF) to portray the ?voice of corporate India? as the number of such enterprises continue to expand their operations here in this Island republic.
Launching the IBF, visiting External Affairs Minister Pranab Mukherjee described it as a ?laudable initiative? saying it reflected the emergence of an entrepreneurial India.
“The India Business Forum is a commendable step in bringing together Indian companies in Singapore. As these companies compete in a challenging market, they inevitably face issues that need to be addressed collectively,” Mukherjee said addressing Indian and Singaporean entrepreneurs.
The Minister noted that ?perhaps in time, these issues would extend beyond Singapore to other Asean countries as well?.
He added that the grouping could make a critical contribution to the appreciation of ?Brand India? in Singapore. The IBF is the brainchild of the Confederation of Indian Industry (CII).
Singapore Trade and Industry Minister Lim Hng Kiang, who was also present at the launch said the last few years had witnessed the ?renaissance of India? and evidence of this could be seen by the increasing number of Indian companies setting up operations or hub in Singapore.
“In 2001 there were 1100 Indian companies here but by the end of 2006 this figure had shot up to 2600,” he said.
“Fora like the IBF will play a pivotal role in bringing together people of the two countries,” he added.
Within the IBF, various sub-groups will be set up in the areas of manufacturing, services, trade and financial services.
“There will be a lot of brainstorming by the entrepreneurs over business issues, policy recommendations etc,” a CII official said.
Currently 30 companies have become part of the IBF which will be chaired by Girija Pande, who is the head of TCS Asia Pacific based in Singapore.
“The IBF came about after it was found that there is no representation of Indian Industries in Singapore,” the official added.
Mukherjee in his address noted that India had to urgently address some challenges which included ensuring a rapid expansion of employment opportunities, ensuring that its food processing industry was expanded to help the farmers, improving infrastructure, which is affecting both urban and rural India and lastly human development where he noted ?our indices would only improve with more commitment of resources and effective delivery?.
On employment front, Mukherjee said that it would be the country’s success in expanding employment ?that will determine whether our demographic structure is to India’s advantage?.
To do that, growth in manufacturing would not only have to be sustained but spread more evenly throughout India, he added.
He stressed that it was imperative that public policies were compassionate and growth inclusive. “In the final analysis, reform in a democratic society like India will be judged by the quantum of population that perceives benefits flowing from it,” he noted.
Mukherjee also welcomed the setting up of the India–Singapore CEOs Forum which he said can provide ideas and suggestions from the industry perspective to take India’s relationship forward in the post–Comprehensive Economic Cooperation Agreement which New Delhi signed with Singapore three years ago. The CII will be anchoring this body.