Singapore government feels that despite economic liberalisation, the Indian business environment is still complicated and there is a need for hassle-free regulatory mechanism.
"India's environment is complicated and several issues need to be addressed, as companies from Singapore would rely on good governance and hassle-free regulations," Prime Minister Lee Hsien Loong said on Wednesday.
"Long gestation and long operating period, say up to 40 years, and lesser risks with a proper regulatory mechanism - if all these can be assured it will be easier for companies to participate in investment in India," Loong said at a joint India-Singapore business meet.Singapore companies are participating in Delhi-Mumbai Industrial Corridor (DMIC) projects on water treatment, integrated township and infrastructure. He said similar to free trade agreement, there is an immediate need to settle the India-ASEAN service and transport agreement.
"By this we can open up our investment in services sector in India,." he said. "India can foster closer links with South East Asia and we encourage Indian companies to integrate in ASEAN partnership projects, for which we are setting up regional comprehensive economic partnership."
Singapore government along with Delhi state government will set up a world-class post-secondary technical education institute in New Delhi. "The institute will provide training on finance, hospitality, electronics, etc, to 15,000 students," he said.
On air-connectivity, he said liberalisation is needed in the sector, so that more flights could come up between India and Singapore. The number is much lesser than China. "There is open sky between Singapore and China, whereas in India, there are a lot of regulations and permissions require to be taken," he said.
Commenting on Time magazine stating Indian Prime Minister as underachiever, CEO, Singapore Business Federation, Ho Meng Kit said India needs to do better promotion abroad to change its image and bring out the reality.