1,600 Indian firms in S'pore

Factors like proximity, reliability and connectivity are luring Indian industrialists to set their base in Singapore

India and Singapore share strong economic ties with as many as 1,600 Indian companies already operating there, a senior trade official from the city-state said here Thursday.

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"Singapore is also India's sixth largest trade partner of India," Richard Tan, Economic Development Board representative from Singapore, told a meeting organised by the Confederation of Indian Industry (CII).

"Singapore should be the preferred location of choice for Indian companies interested in ventures abroad because Singapore has the advantages of proximity, reliability and connectivity with India," Richard said.

The meeting discussed the legal system, in particular the corporate law, of the two countries.

Meanwhile, snags seemed to have appeared in the implementation of the Comprehensive Economic Cooperation Agreement (CECA) between the two countries reported Singapore' Business Times.

These snags include the Reserve Bank of India (RBI) not allowing Temasek Holdings to raise its stake in India's ICICI bank and the State Bank of India (SBI) facing difficulties in obtaining qualifying full bank status in the city-state.