S'pore proposes special economic zone in India

Singapore has proposed building a special economic zone to lure more foreign investment into India.

india Updated: Jan 21, 2006 13:48 IST

Singapore has proposed building a special economic zone to lure more foreign investment into India, Senior Minister Goh Chok Tong said.

"It is a concept we are working on," Goh said in remarks published in The Straits Times on Saturday, noting the project could be modelled on the industrial park on the Indonesian island of Batam.

"I will send a team to Japan to talk to the Keidanren, Jetro and Miti," said Goh, referring to Japan's top business group, the Japan external trade organisation and the trade ministry.

India is setting up its own zones, taking a cue from China's special enclaves that helped accelerate its economy.

Goh envisions an industrial park with a variety of manufacturers and an anchor tenant such as a big carmaker. "Singapore's role is really as a catalyst," Goh was quoted as saying. "We can make a difference with ideas."

For the foreseeable future, Goh said China will be the most important investment destination for Singapore.

The former Singapore premier was in India on a business promotion tour through the cities of Ahmedabad, New Delhi and Kolkata and met Indian leaders, including Prime Minister Manmohan Singh.

First Published: Jan 21, 2006 13:40 IST