Singapore exhorts Indian businesses to boost trade and investment with Southeast Asia

In a recent address at a summit held in New Delhi, Singapore's Minister for Trade and Industry Gan Kim Yong highlighted the importance of Indian businesses viewing Southeast Asia as a lucrative market for trade and investment. Speaking at the 28th Annual Confederation of India Industry (CII) Partnership Summit, the Minister acknowledged that India is headed towards a $30 trillion economy by 2050.

"My challenge to Indian businesses is to increase your investment in ASEAN by at least ten-fold to $20 billion by the end of this decade," he said, according to ANI. For many years, India and Singapore have maintained strong economic ties. As per the High Commission of India in Singapore, investors have poured in more than $137 billion in India over the last two decades.

"These investments speak well of India's ongoing and successful effort to become more business and investor-friendly, while also helping Indian startups and established companies to grow and create good jobs," he said. 

Gan Kim Yong addresses geopolitical conflict, climate change at summit

According to the minister, the two countries can channel their partnership towards renewable energy and supply chain strength, especially as the world faces major challenges on all fronts. "Indeed, we meet in a time of great political, economic, social, and environmental stress. Our world is facing unprecedented uncertainty and economic headwinds. Many countries, even those that once took for granted that the supermarket would always be full, are now worried about food security," he said.

"Geopolitical conflict fans mistrust that undermines globalization and the international cooperation needed to tackle common threats such as climate change," he added. He also lauded the CII Partnership Summit for serving as an "excellent" platform to not only forge better business ties but also enhance the "lives of our peoples through responsible, innovative, sustainable, and equitable practices."

The summit titled "Partnerships for Responsible, Accelerated, Innovative, Sustainable, and Equitable Businesses" was a three-day event held at New Delhi's Taj Palace. It was chaired by Union Minister Piyush Goyal and organized by the Confederation of Indian Industry (CII) and the Department for Promotion of Internal Trade and Industry, (DPIIT), and Ministry of Commerce and Industry. With 145 government officials as attendees, the summit was the largest of its kind held since 1995. Delegates from all around the world participated in it, including from Canada, United Arab Emirates, South Korea, Bhutan and Mauritius.