MOS Teo at the Launch of the Directory of Indian Companies in Singapore 2013

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SPEECH FOR MINISTER OF STATE FOR TRADE & INDUSTRY, MR TEO SER LUCK, AT THE LAUNCH OF THE 2nd EDITION OF THE DIRECTORY OF INDIAN COMPANIES ON 10 MAY 2013, 7.35PM, AT GRAND COPTHORNE WATERFRONT HOTEL

His Excellency Dr TCA Raghavan, India’s High Commissioner to Singapore
Mr R Narayanamohan, Chairman, Singapore Indian Chamber of Commerce & Industry
Mr Vishnu Shahaney, Chief Executive Officer, ANZ Bank
SICCI Directors

Distinguished Guests,

Ladies and Gentlemen

1.            I am happy to be here with you this evening for the launch of The Singapore Indian Chamber of Commerce & Industry’s (or SICCI) 2nd Edition of the Directory of Indian Companies.

Strong India-Singapore Bilateral Ties

2.            India and Singapore share a robust economic partnership built upon the India-Singapore Comprehensive Economic Cooperation Agreement (CECA), as well as long-established political, cultural, business and people ties. Since the agreement came into effect, Singapore has become the 2nd largest investor in India, and India’s investments in Singapore has increased eight-fold. Today, the Indian business community in Singapore has grown to a sizeable contingent.

3.            Bilateral trade has also grown significantly over the last decade. India was Singapore’s 10th largest trading partner in 2012. Imports from India have increased to USD 16.2 billion and exports to India have risen to USD 13.6 billion.  

4.            Singapore’s excellent infrastructure, pragmatic economic policies and superb connectivity to Asia and the rest of the world, make it an ideal platform for Indian companies looking to expand into the ASEAN+3 markets. The growing number of Indian companies here has created a strong and positive impact on the Singapore socio-economic landscape. This is testament to the attractiveness of Singapore which is also reflected in the launch of the 2nd edition of the Directory.

5.            Singapore companies can also benefit from the Directory. Some challenges faced by Singapore companies in India include unfamiliarity with local laws and regulations, gaining access to complex distribution networks and understanding consumer behaviours. The Directory will allow our companies to explore potential partnerships with Indian companies that can help to mitigate some of these challenges. Coupled with the new Market Readiness Assistance (MRA) Grant offered by IE Singapore, companies will be more well-prepared as they embark on their internationalisation journey.

Launch of the Directory of Indian Companies

6.            The Directory of Indian Companies was first launched in 2006, serving as a useful source of contact for businessmen outside of Singapore. It provides a platform for international businesses to gain a deeper understanding of the huge potential offered by Indian companies in Singapore, as well as Singapore’s role in linking Indian companies to regional and international businesses, and vice versa.

7.            It is thus timely today to launch the second edition of the Directory, which now lists more than 2,500 companies as compared to the listing of 950 companies in the first edition. Published in partnership with the High Commission of India in Singapore and ANZ Bank, the Directory will help interested stakeholders to reach out and engage these businesses. I would like to commend SICCI for this initiative, as well as its efforts in encouraging and motivating the Singapore Indian business community.

The important role of TACs

8.            Indeed, trade associations and chambers, or TACs, have a crucial role to play amongst our business community. They serve as an important link between the Government and businesses. On one hand, TACs reflect the concerns of their members, key issues that they are facing, as well as recommendations that can help us improve our strategies and policies. On the other hand, TACs help the Government reach out to more businesses, and to communicate our policies and programmes more clearly to the community. This two-way interaction is crucial to good dialogue and close engagement between the Government, businesses and key stakeholders.

9.            For example, the Government introduced a series of new measures in Budget 2013 to help companies, especially SMEs, make the transformation to productivity-driven, quality growth. These include the Wage Credit Scheme (WCS), enhancements to the Productivity and Innovation Credit (PIC), Collaborative Industry Projects (CIP), and many others. TACs can help their members access more information on these schemes and encourage them to take them up. In particular, the SME Centres – one of which is helmed by SICCI – will have a crucial role to play in reaching out to the business community.

10.         The Chamber has made good and steady progress since its inception in 1924. Today, SICCI plays a vital role by providing the necessary linkages and connections to its members so that they are able to grow their businesses both locally and internationally. SICCI also plays an important role in encouraging Indian companies here to build a strong understanding of Singapore’s cultures and norms, and foster mutual respect within the local community. I urge SICCI to continue to work closely with its members to perform this important role.

I look forward to the TACs achieving greater value for its members and also, to see more of such initiatives from the TACs. Let me also wish SICCI continued success in its endeavour to strengthen the relationship between the business community of Singapore and India. Thank you.