Singapore firms urged to be bold in securing opportunities in India

March 8th, 2008 - 2:29 pm ICT by admin  

Singapore, March 8 (DPA) Companies in Singapore must be bold and aggressive in “sniffing out new opportunities” in India and other emerging markets including China, Russia and the Middle East, Prime Minister Lee Hsien Loong said Saturday. Speaking at the inauguration of the new Singapore Indian Chamber of Commerce and Industry (SICCI) building, Lee noted that despite the problems in the US economy, “China and India continue to surge ahead, with growing affluent middle-classes demanding global standards of living”.

The chamber can make itself a centre for international networking on matters concerning India, Lee said.

“To galvanize its members to venture abroad, the SICCI can draw on the expertise of the other chambers and associations, and leverage on their wide reach,” he said.

Describing the SICCI as a key partner in Singapore’s economic progress, Lee said the chamber must continue to adapt itself to a changing environment.

“Competition is intense, but there is no lack of opportunities,” Lee said, citing Singapore’s proximity, both in geography and culture, to both China and India.

Some 3,000 India-based companies have set up operations in the city-state.

Singapore’s has a predominantly Chinese population and six percent of the population is Indian.

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