Singapore companies' optimism in India on the rise: IE Singapore

Mr Teo Eng Cheong, Chief Executive Officer, IE Singapore.
Mr Teo Eng Cheong, Chief Executive Officer, IE Singapore.PHOTO: IE SINGAPORE

SINGAPORE - Singapore companies are increasingly interested in engaging with India which is making headways in infrastructure and policy reforms to promote foreign direct investment, according to IE Singapore.

Indian government's initiatives are good reasons for a sense of optimism to prevail, the trade agency's chief executive Teo Eng Cheong observed at the India-Singapore Economic Convention at Marina Bay Sands on Tuesday (Nov 24).

"The Modi Government has put infrastructure development as a key priority area... initiatives such as Clean India, Smart Cities, and Digital India are part of this effort," he said at the convention which was also addressed by Singapore Minister for Trade and Industry (Industry) S. Iswaran and Indian prime minister Narendra Modi.

Mr Modi is currently on a two-day state visit to Singapore.

Delegates from more than 300 companies from both countries attended Tuesday's convention.

India has announced strategic FDI reforms across 15 sectors including banking, construction and civil aviation, just over a week ago.

"IE Singapore has observed increased interest from the Singapore business community across diverse sectors," Mr Teo said.

Singapore is already working with the government of the southern state of Andhra Pradesh to help chalk a master plan and develop its new capital city Amaravati.