ANAND SHARMA INAUGURATES INDIA SHOW IN SINGAPORE
OVER 90 INDIAN COMPANIES SHOWCASE PRODUCTS AND SERVICES
Date : 14 Jan 2011
Location : New Delhi
Shri Anand Sharma, Union Minister of Commerce & Industry, inaugurated the "India Show" in Singapore today in the presence of his Singaporean counterpart Mr. Lim Hng Kiang, Minister for Trade & Industry at the Suntec International Convention and Exhibition Centre. ‘India Show’ is an initiative of the Ministry of Commerce & Industry, Government of India to promote "Brand India" and the Indian industry in potential markets for Indian products, technologies and services. More than 90 companies have participated in the Show notable among them being Tata Group, ISRO, EXIM Bank, Amul, TVS Logistics, Sula Vineyards, Usha International, Emaar-MGF Land, Mahindra World City and Tea Board. Tata Nano car has been exhibited in Singapore for the first time. The India Show" from 14-16 January 2011 is being organized jointly by the Ministry of Commerce and Industry and Confederation of Indian Industry.
Addressing a Symposium on ‘Indovations: Ideas for the World’, Shri Sharma said: "We view Singapore as being the first step for forging a broader economic integration into ASEAN and East Asia". He recalled that Singapore was the first country with which India signed a comprehensive economic cooperation agreement in 2005. The India-Singapore CECA has resulted in more than doubling the trade since 2005. Noting that Singapore now is the second largest source of FDI into India, Shri Sharma recounted the enormous opportunities the Indian infrastructure sector provides for Singaporean funds and encouraged Singapore to invest in India especially in the iconic Mumbai Delhi Industrial Corridor (DMIC).
Prior to the inauguration, Shri Sharma met Mr. Lim Hng Kiang, Minister for Trade & Industry, Singapore to discuss bilateral issues including India-Singapore CECA. Both sides are currently undertaking a Review of CECA which is likely to be concluded in 2011. Shri Sharma held a luncheon meeting with Mr. George Yeo, Foreign Affairs Minister of Singapore and discussed a varied range of matters. They particularly deliberated upon the future regional integration initiatives with ASEAN such as the ASEAN+6 architecture which envisage Comprehensive Economic Partnership in East Asia (CEPEA).
Showcasing Indian culture and cuisine, an ‘India Evening’ was hosted by the Minister. The Evening included a performance conceived and choreographed by world renowned Indian artist, Ms Shovana Narayan. On this occasion, Indian and foreign dignitaries and guests had the opportunity to taste an exquisite selection of Indian wines and special Indian cuisine prepared by Chefs flown from the Taj Group in India.
The bilateral trade between Singapore and India had been growing around 20% annually reached US $ 8.65 billion in 2005 and US $ 13.79 billion during January-November 2010. Total foreign direct investment (FDI) inflows received from Singapore are US $ 11.47 billion. Top sectors attracted FDI from Singapore are from telecommunication, services, petroleum & natural gas, computer software & hardware and construction activities.