SPEECH BY MR S ISWARAN,MINISTER OF STATE FOR TRADE AND INDUSTRY, AT GLOBAL ENTREPOLIS SINGAPORE 2006 GLOBAL INDIAN BUSINESS SUMMIT'S OPENING SESSION, 30 OCTOBER 2006, 9.00 AM AT SUNTEC CITY INTERNATIONAL CONVENTION & EXHIBITION CENTRE
Mr Saroj Kumar Poddar
President, Federation of Indian Chambers of Commerce & Industry (FICCI)
Dr V.P. Nair,
President, Global Organisation of People of Indian Origin (GOPIO)
Mr Inderjit Singh,
President, The
Distinguished guests,
Ladies and Gentlemen,
Good morning
1. I am pleased to be here today at this hallmark event that brings together Indian business leaders from all over the world.
2. Today, the Indian diaspora comprises over 20 million Indians who make a significant contribution to the global economy. Many play leading roles in diverse business sectors, from Information Technology to financial services, from manufacturing to retail.
3. The Global Indian Business Summit provides an invaluable opportunity for this breadth and depth of Indian talent to come together to interact, exchange ideas, forge new relationships and seek out new business opportunities.
4.
5. Consequently,
6. One thing that entrepreneurs like Mr Mustaq Ahmad (of Mustafa) and Mr Vikas Goel (of eSys), and many others like them, have in common is their grit and determination to compete and grow their businesses to where they are today. Another commonality is their confidence in
7. The Singapore Government has always adopted an open-door policy to welcome to our shores global talent with ability and drive, initiative and ideas.
8. Indians are no exception and many have been working in
9. To cater to the needs of the growing Indian expatriate community here, leading Indian schools have also established a strong presence in
Singapore- India bilateral relations
10. The strength and growth of such cross-border business and people links, is a reflection of similar trajectories in the broader bilateral political and economic ties between
11. We are now beginning to see the fruits of the CECA. India-Singapore bilateral trade has grown to record levels. Last year, it reached S$16.6 billion, increasing by over 40% from 2004. Investments from
12. Singapore�s business friendly policies � (The World Competitiveness Scoreboard ranks Singapore as the world�s third most competitive economy and the IMD[1] World Competitiveness Yearbook for 2005 ranked Singapore as the least restrictive country in Asia for immigration laws for the import of foreign talent) � and our extensive connectivity to the region, provide a conducive environment for international enterprises to set up operations here to cover the regional markets. In particular,
13. Indeed, many Indian companies already use
14. The top 20 IT NASSCOM companies have established their presence here and many are growing successfully. Tech Mahindra, the 8th largest Indian IT services company, has announced its plans to increase its employee pool here. Its headcount will grow from around 170 to 300 within the next 18 months, with
15. Satyam Computer Services has its Asian headquarters here in
16. Apart from IT companies, many logistics firms are managing their regional businesses from
17. Indian companies also carry out R&D and manufacturing operations in
18. Indian companies are also beginning to acquire interests in Singaporean companies. For example, last year, Tata Steel acquired Singapore-based NatSteel Asia to leverage on the latter�s network of steel mills in the Asia-Pacific region and expand Tata Steel�s international outreach. As businesses become increasingly globalised, we will see more of such cross-border transactions between Indian and Singaporean companies - and this is a trend to be welcomed.
Global Entrepolis @
19. The recent growth in the bilateral economic partnership between
[1] Incorporated as the International Institute for Management Development, the Geneva-based IMD has been ranked consistent as one of the top MBA and executive education institution worldwide.