Singapore: Singapore's Minister for Trade and Industry Lim Hng Kiang will be in New Delhi from December 18-19 to attend the ASEAN-India Ministerial Meeting. (Agencies)
During the visit, Lim would meet Indian Minister of Commerce, Industry and Textiles Anand Sharma as well as other ASEAN economic ministers, Singapore's Ministry of Trade and Industry said in a statement on Monday.
The Ministers would discuss business prospects with ASEAN-India Business Council members. In addition, Lim would attend the 2nd India-ASEAN Business Fair & Business Conclave (IABF) being held from December 18-20 December.
The IABF, a second international conference and exhibition organised by Ministry of Commerce and Industry, is part of the commemorative events marking the 20th anniversary of the ASEAN-India Dialogue Partnership.
"The IABF aims to enhance economic ties between India and ASEAN by facilitating the sharing of knowledge and business strategies amongst policymakers, business leaders and practitioners from various industries," the statement said.
During his trip, Lim would also discuss business opportunities in Singapore with Indian business leaders from the Associated Chambers of Commerce and Industry (ASSOCHAM) in New Delhi. Lim would be accompanied by officials from the Ministry of Trade and Industry.
India was Singapore's 10th largest trading partner in 2011, with total trade amounting to a record high of 35.4 billion Singapore dollar last year, a 16 percent increase from the previous year.
Singapore is the 2nd largest investor in India, with 12.3 billion Singapore dollar invested as of 2010 in sectors like ICT, manufacturing and financial and insurance services.
India is the 8th largest investor in Singapore, with investments growing from 1.3 billion Singapore dollar in 2005 to 24.1 billion Singapore dollar in 2010, the statement said.
"India is our largest foreign corporate contingent spanning diverse clusters from IT services and education, to logistics and manufacturing," the Ministry said.
India's economic development opens up many new sectors, such as education, logistics, township planning, tourism and retail, it said.
"Singapore welcomes the opening up of new sectors and encourages Singapore businesses to explore the growing opportunities in India," it said.
Singapore: Singapore's Minister for Trade and Industry Lim Hng Kiang will be in New Delhi from December 18-19 to attend the ASEAN-India Ministerial Meeting.