SBF’s 3 New Business Initiatives for the India Market
- Young Professionals Exchange platform to create learning and sharing opportunities through study visits in India and Singapore; and attachments in India and Singapore corporates
- Singapore-India Family Business platform to foster closer ties between business enterprises in India and Singapore
- Promote the “Make In India” platform in Singapore as a key driver for opportunities in “Manufacturing 4.0” in India for Singapore companies
31 May 2018 [Singapore] - The Singapore Business Federation (SBF) signed three (3) Memorandum of Understanding (MoU) agreements with its India counterpart, the Confederation of Indian Industry in conjunction with the visit of His Excellency the Prime Minister of the Republic of India, Mr Narendra Modi to Singapore.
Young Professionals Exchange Platform
This MoU aims to foster a network where Young Professionals in Singapore and India acquire deep knowledge of business, trade and investment in the India and Singapore markets, and over time, develop strong affinity towards both countries. This new talent pool of informed young Singapore and India professionals will enable Singapore companies to carry out more effective and hopefully, successful business ventures in India.
Family Business Platform
This MoU will see the formation of a Singapore – India Family Business platform to organise activities and develop opportunities for family enterprises in Singapore and India to network and share their family business experiences.
Make In India Initiative
This MoU signed by SBF, CII and the Singapore Manufacturing Federation (SMF) will jointly promote the “Make In India” initiative among companies in the manufacturing sector in Singapore. It aims to create greater awareness and interest among Singapore companies to engage and invest in the manufacturing clusters across the various states in India.
Mr Ho Meng Kit, CEO of SBF, said “the MoUs signify SBF’s efforts to forge greater economic integration and closer cooperation in two previously untouched communities of young professionals and family businesses, as well as the traditional manufacturing cluster. Singapore companies can engage constructively in these business community clusters as India and companies in India seek to innovate, professionalise and internationalise their enterprises through interaction with Singapore companies. For instance, the Family Business Forum held annually by SBF in Singapore can be tweaked to focus on fostering closer ties with family businesses from India. Interestingly, a large percentage of India companies with offices in Singapore are actually family-owned businesses and staffed by a new generation of young highly trained professionals from India”.
Growing Singapore – India Bilateral Trade
Singapore’s bilateral trade with India reached S$25.2 billion in 2017, of which S$15.2 billion was in Singapore exports to India and S$10 billion in imports from India. Bilateral trade between Singapore and India has been forecasted by the Federation of Indian Export Organisations (FIEO) to achieve almost US$25 billion by 2019-20.
A key driver in bilateral trade is the India Singapore Comprehensive Economic Cooperation Agreement (CECA). The agreement, inked in 2003, is an integrated package covering trade in goods and services, a bilateral agreement on investment promotion and protection, an improved tax treaty and a work programme for cooperation in healthcare, education, media, tourism, customs, e-commerce, intellectual property, and science and technology.
India is important to Singapore both as a source of investment (FDI) and destination for our investment (DIA). As of end 2014, FDI in Singapore from India was S$24.0 billion. Singapore’s FDI in India amounted to US$8.71 billion in 2016-17 fiscal year according to India’s Department of Industrial Policy and Promotion (DIPP). The FDI inflow of US$13.7 billion in 2015-16 fiscal year was the highest ever received from Singapore since 2006-07.