September 6, Singapore Neel Parekh, President of the Singapore Indian Chamber of Commerce and Industry, stressed that Singapore has chances for collaboration in economic, technological, and geopolitical domains as a result of India’s increasing influence in the global economy.
Global Economy :
The announcement on Thursday by Singapore’s Prime Minister Lawrence Wong that the India-Singapore strategic alliance would be upgraded to a Comprehensive Strategic alliance coincided with Parekh’s statements, a business leader of Indian descent.
Around 350 members of Singapore’s business community attended the inaugural ceremony of the Singapore India Forum – The Next Phase, where Parekh was speaking.
Parekh said Singapore could bolster its standing as a major participant in the changing global scene by fortifying its ties with India. This is because of the two nations’ long-standing and recently strengthened partnership.
“Continuous engagement at various levels between government entities and business sectors has been encouraged by the strong relationship between both governments,” he stated.
“This foundation has enhanced economic cooperation and recent agreements, which boost trade and investment, fostering growth and new business opportunities in both countries,” the speaker continued.
Parekh made the point that it’s essential to know and comprehend India’s distinct federal governance system in order to successfully traverse the country’s dynamic market.
He clarified that because of India’s high degree of decentralization, state or local councils are in charge of a number of important permissions and rules pertaining to things like land, the environment, power, water, and labor.
He stressed that anyone wishing to take advantage of India’s enormous potential must adopt a strategy that is aware of this decentralized framework.
Business magnate and nominated member of Singapore’s Parliament continued, “With India’s fast digitalization and economic reforms, Singaporean businesses can better navigate the Indian market and seize opportunities thanks to this regional approach.”
With 2.3% of all commerce, India ranked as Singapore’s 12th-largest trading partner in 2021–2022. In 2022–2023 bilateral trade was SGD 46.57 billion, up 18% from 2021–2022.
Additionally, Singapore is India’s second-largest investor.
Parekh emphasized that many nations are looking to India as a crucial supply source in the ASEAN and Singapore markets as a result of the worldwide move towards the “China Plus 1” and now increasingly “China Plus 2” strategy.
In line with its goals of becoming a worldwide superpower, he claimed that India is well-positioned to emerge as a major force in the manufacturing and production of goods and services as the “Make in India” campaign picks up steam.
Apart from conventional fields such as information technology, technology, and waste management, Parekh highlighted that India’s agriculture, fresh produce, contract farming, and processed food business represent an unexplored yet promising domain.
“Singapore’s ’30 by 30′ vision for food security can be significantly supported by collaboration in these areas,” he stated.
Parekh said, saying Singaporean businesses may explore new growth opportunities and help create a robust food supply chain in the area by interacting with India’s expanding market.
He pointed out that although the quickly developing Indian market offers prospects in fintech, digital services, and green energy, it also poses obstacles including cultural differences and regulatory barriers.
In his closing remarks, he emphasized how critical it is for Singaporean companies to comprehend these patterns and modify their tactics for regional settings.
