Tuesday, Apr 09, 2002
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By Amit Baruah
Mr. Vajpayee said both India and Singapore shared the same language of commerce. "Our entrepreneurs have a similar zeal to succeed. We have a similar legal and contractual system inherited from the British. Both countries have invested heavily in human capital and are fast becoming knowledge-centred societies.'' The Indian economy, he said had been resilient by maintaining a relatively healthy growth rate. "This shows the strong fundamentals of our economy and points out that a good destination for those making long-term investments.'' ``We have allowed 100 per cent foreign direct investment in urban infrastructure, integrated townships, and urban mass rapid transport, in all of which Singapore is a world leader. Therefore, we hope to see much more actual FDI flows from Singapore than the present cumulative total of merely $ 400 million. This, you will agree with me, is too low. I may incidentally point out that this is less than one-third of the total approved direct investment from Singapore so far,'' he said. Even while making a pitch for greater investment from Singapore, the Prime Minister appeared conscious of the negative connotations of the recent developments in Gujarat. Though he did not directly refer to Gujarat, the inference was obvious. "I wish to reassure this audience that we in India remain committed to protecting and further strengthening the ideals of peace, harmony and social cooperation, which are the cornerstones of stability and progress of any nation. Let not some of the recent unfortunate happenings in India create any unease in you. India has the resilience and the civilisational genius to overcome these aberrations.'' ``Both our countries are multi-ethnic and multi-religious. Singapore is home to a large number of people of Indian origin. They too belong to different regions, religions, and linguistic communities in India. This diversity is the proud source of India's unity and strength.''
India a huge aeroplane
Speaking on the occasion, Mr. Goh said: "To me, India seems very much like a huge aeroplane on the runway. The full potential of the people and the economy are just waiting to take off. But you need to rev up the engines through appropriate economic reforms and market opening. I believe that India has the potential to fire the excitement of the global economic community, much in the same way that China now dominates their attention.'' Pointing to the increasing economic links between Singapore and India, Mr. Goh said the proposed closer economic relationship between the two countries would provide a strong foothold for Indian companies in the ASEAN region. "The two Governments, however, can only do so much in exhortation. We can put in place some frameworks to help Indian and Singapore businesses come together. We can deepen political relations, and try to use the process to smoothen bureaucratic obstacles for companies. The rest is really up to you....''
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