Mr Lim Hng Kiang at the India Show, 14 Jan 2011

SPEECH BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY, AT THE INDIA SHOW, 14 JAN 2011, 10.55 AM AT SUNTEC CITY GALLERY EAST

Your Excellency Minister Anand Sharma,

Distinguished guests,

Ladies and gentlemen,

I am delighted to join you this morning for the inaugural India Show organised by the Indian Ministry of Commerce & Industry, in association with the High Commission of India in Singapore and the Confederation of Indian Industry (CII). I would also like to extend a very warm welcome to Minister Sharma and his delegation and to our friends from India.

In 2009, India hosted the ‘Singapore Symposium’ in New Delhi.This year, it is Singapore’s turn to host the inaugural India Show that showcases the strengths of the various industries in India. The response to this show has been overwhelming. Over the next three days, more than 90 exhibitors will showcase Indian innovations and Indian art and culture.

Bilateral Relations

India and Singapore enjoy a close and warm relationship. Over the years, we have added further depth to our bilateral cooperation. In 2005, we concluded the India-Singapore Comprehensive Economic Cooperation Agreement, or CECA which took our bilateral relations to another level.

The CECA has been an important catalyst in boosting bilateral trade and investments.India is Singapore’s 11th largest trading partner. Last year our bilateral trade was about $30 billion Singapore dollars. This is a rebound from the dip during the recent global financial crisis and has exceeded the pre-crisis high in 2008.

Singapore’s investments into India have quadrupled to almost $13 billion Singapore dollars since 2005 and we are now India’s second largest foreign investor after Mauritius.India is also a major investor in Singapore to the tune of $11 billion Singapore dollars in 2008.

These are considerable achievements but there is more that we can do. The 2nd review of the CECA is now underway. It reflects a mutual desire to continue to strengthen and deepen our bilateral economic ties.Singapore companies are keen to explore opportunities in India and participate in India’s spectacular growth story.Likewise, Singapore too, has much to offer to Indian companies who are keen to gain a foothold in Asia and access the larger Asian market. For instance, Indian companies with operations in the region can centralise their functions in Singapore so as to plan and carry out a range of key business activities. This includes business and investment planning and coordination; financial control and treasury functions and market development. Indian companies can also use Singapore as a launch pad for trading and investment activities in the region.

In this regard, the presence of the Confederation of Indian Industries (CII) in Singapore for the last 16 years has been key in encouraging Indian companies to be based in Singapore.

MOU Signing between CII and SIF

I am also pleased to note that steps are being taken to encourage the building of business and personal ties between young business professionals in Singapore and Mumbai. With the signing of a memorandum of understanding (MOU) between CII and the Singapore International Foundation (SIF) later today,CII will partner the SIF to grow the SIF’s “Young Business Ambassadors” programme.This is an excellent opportunity for young business professionals from both countries to broaden their business perspectives and contribute towards building a network of friends and professional linkages between Singapore and India.

“Innovation India”

The next major growth opportunities for companies reside in the emerging markets of Asia and India is in the running to be the world’s fastest growing major economy over the next few decades. India’s rapid urbanisation is creating a huge demand for investments in infrastructural projects.India’s very large domestic market also makes her a very attractive destination for investors and manufacturers.All this means it is a very exciting time to be an entrepreneur doing business in India.

However, with globalisation and intensifying competition, not all will succeed.And those who want to prosper will face, and must overcome many challenges.The need to innovate and the ability to stay ahead of the competition will be crucial for success. And the theme for the India Show’s Symposium aptly reflects this. I am confident that the show will be a key platform for Indian companies and the business community in Singapore to share business ideas and seek opportunities for closer collaboration and partnerships. I hope you will use this opportunity to strengthen old friendships while building new ones

In conclusion, I would like to congratulate the Indian Ministry of Commerce & Industry, the High Commission of India in Singapore and the CII for organising the India Show.Thank you and I wish all of you a very successful and fruitful event.