Singapore eyes share in the Indian SEZ pie
Special economic zone: Singapore has shown interest to set up 3 SEZs, it has earlier invested in China, Vietnam
NEW DELHI, DECEMBER 7 : India's ongoing tryst with Special Economic Zones (SEZs) is fast acquiring a global hue. In what could trigger a further strengthening of trade ties between India and Singapore, the latter has evinced interest in setting up three SEZs in the country.
The idea for investing in SEZs in India was suggested by a Confederation of Indian Industry CEO core group to the Singapore prime minister Lee HSien Loong in January this year. The 9 member core group which consists of CII president R. Seshasayee, vice president Sunil Mittal and Max India chairman Analjit Singh is leaving on a two day visit to Singapore on Friday where the modalities for setting up the SEZs would be discussed.
“This is an iconic project on the lines of a global SEZ where Singapore’s international experience in China and Japan will be used. The idea is to attract investments into the SEZ from all over the world especially Japan,” said CII mentor Tarun Das.
While Singapore has invested in SEZs in other countries in the past, this is the first instance of a foreign country collaborating with India for managing a SEZ. While the locations and other procedures for the project is still to be discussed, in effect it has been conceptualised as a tri-lateral partnership between India, Singapore and Japan.
During the two day visit, the core group would meet senior Singapore government officials including president S.R. Nathan, prime minister Loong, minister for trade and industry Lim Hng Kiang and minsiter mentor Lee Kuan Yew. The core group will also highlight sectors for future bilateral collaboration like finance and banking, infrastructure, retail and agriculture among others.
Already ties between the two countries are on a high after the comprehensive economic cooperation agreement was signed in August last year. Bilateral trade in 2005 grew by 58 per cent. The growth trend continues in 2006 at 31.98 per cent and the impact of CECA is such that India is Singapore’s fastest growing trade partner amongst major economies, outstripping even China. The total bilateral trade today stands at approximately $10 billion now.
Investments from Singapore into India recorded a 300 per cent increase from January-December 2005. Foreign direct investments from Singapore during Aug 1991 to Jan 2006 were at $1 billion.
Similarly Singapore was the eleventh most important destination for outward FDI from India in 2004. Total Indian investment in Singapore till 2004 added up to $ 203.261 million.
Source: Indian express
NEW DELHI, DECEMBER 7 : India's ongoing tryst with Special Economic Zones (SEZs) is fast acquiring a global hue. In what could trigger a further strengthening of trade ties between India and Singapore, the latter has evinced interest in setting up three SEZs in the country.
The idea for investing in SEZs in India was suggested by a Confederation of Indian Industry CEO core group to the Singapore prime minister Lee HSien Loong in January this year. The 9 member core group which consists of CII president R. Seshasayee, vice president Sunil Mittal and Max India chairman Analjit Singh is leaving on a two day visit to Singapore on Friday where the modalities for setting up the SEZs would be discussed.
“This is an iconic project on the lines of a global SEZ where Singapore’s international experience in China and Japan will be used. The idea is to attract investments into the SEZ from all over the world especially Japan,” said CII mentor Tarun Das.
While Singapore has invested in SEZs in other countries in the past, this is the first instance of a foreign country collaborating with India for managing a SEZ. While the locations and other procedures for the project is still to be discussed, in effect it has been conceptualised as a tri-lateral partnership between India, Singapore and Japan.
During the two day visit, the core group would meet senior Singapore government officials including president S.R. Nathan, prime minister Loong, minister for trade and industry Lim Hng Kiang and minsiter mentor Lee Kuan Yew. The core group will also highlight sectors for future bilateral collaboration like finance and banking, infrastructure, retail and agriculture among others.
Already ties between the two countries are on a high after the comprehensive economic cooperation agreement was signed in August last year. Bilateral trade in 2005 grew by 58 per cent. The growth trend continues in 2006 at 31.98 per cent and the impact of CECA is such that India is Singapore’s fastest growing trade partner amongst major economies, outstripping even China. The total bilateral trade today stands at approximately $10 billion now.
Investments from Singapore into India recorded a 300 per cent increase from January-December 2005. Foreign direct investments from Singapore during Aug 1991 to Jan 2006 were at $1 billion.
Similarly Singapore was the eleventh most important destination for outward FDI from India in 2004. Total Indian investment in Singapore till 2004 added up to $ 203.261 million.
Source: Indian express
posted by anandsonline @ Friday, December 08, 2006
0 Comments:
Post a Comment
<< Home