Maran inaugurates India Centre in Singapore

By Amit Baruah

SINGAPORE, OCT. 12. The Union Commerce Minister, Mr. Murasoli Maran, and the Singapore Trade Minister, Mr. George Yeo, today launched an ``India Centre'' to facilitate the operations of new Indian companies.

The objective behind the India Centre, backed by the Singapore Economic Development Board (EDB), the JTC Corporation, the Federation of Indian Chambers of Commerce and Industry (FICCI) and The IndUS Entrepreneurs (TIE), is to facilitate start-ups and entrepreneurial companies.

An initial space of 5,000 sq. ft. is being reserved for Indian companies at Phase Z.Ro Technopreneur Park here to lease space. Six Indian companies have already leased space at the Park's India Centre.

Speaking at the inauguration, Mr. Maran said the India Centre was a ``unique venture'' which would help Indian companies establish their presence in Singapore.

Describing Singapore as a strategic location, the Union Commerce Minister said there was a need to achieve a quantum jump in the India-Singapore trade and economic relationship.

Stating that Singapore was the 12th largest foreign investor in India, Mr. Maran said the Singapore's Trade Development Board (TDB) had set up offices in Chennai, New Delhi and Mumbai.

Referring to the e-ASEAN initiative which was launched last year, the Union Commerce Minister said India was a natural partner for Singapore in this enterprise.

India, he said, would provide Singapore access to other SAARC countries as well. India and Singapore should promote themselves as an e-commerce hub.

In his address, the Singapore Trade Minister, Mr. George Yeo, said five years ago there were fewer than 50 Indian companies in Singapore, but now that number had swelled to 300.

Top Indian companies such as Tata Consultancy Services, Wipro, Satyam and NIIT operated from Singapore. ``We expect many more in future,'' Mr. Yeo said.

``Many venture capital companies in Singapore have already made investments into Indian start-ups and venture businesses. Temasek Capital has set up an incubator facility in Chennai, called In Cube, to help facilitate Indian start-ups. Some of these start- ups could also use Singapore and Temasek's network to access the international market. One such example is eGurkha, and Indian IT services start-up, which has capitalised on the inCube programme to establish a presence here,'' he said.

The Trade Minister said the Indian and Singaporean economies complemented each other. India and Singapore, he said, could forge mutually-beneficial partnerships in high value-added manufacturing sectors.

``In some ways, Singapore can be a Hong Kong to India. We welcome Indian talent in Singapore. In recent years, many Indian scientists and professionals have moved to Singapore to live and work here. Some have married Singaporeans which we cheer,'' he said.

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