Singapore remains the most attractive destinations for Indian Start-ups to raise capital, be globalized and avail other benefits

No.PR-127 June 12, 2020 New Delhi Singapore remains the most attractive destinations for Indian Start-ups to raise capital, be globalized and avail other benefits New Delhi, 12th June 2020- India. Bilateral relations between the Republic of India and the Republic of Singapore have traditionally been strong and friendly, with the two nations enjoying extensive cultural and commercial relations. To understand the challenges and way forward, PHD Chamber of Commerce and Industry organized an interactive webinar on “India – Singapore Business Promotion, Challenges, and Opportunities – Post-Covid 19” with H.E. Mr. Jawed Ashraf, High Commissioner, High Commission of India, Singapore. H.E. Mr. Jawed Ashraf, while praising the role of PHD Chamber over the years gave a brief on the spread of pandemic COVID-19 in Singapore and the robust measures and steps taken to control the spread of infection. He said that Singapore is dependent on the world for its economic well being, there are facing economic consequences. The country has forecasted a negative contraction in the economic growth rate but to cushion this situation, there has been a launch of four-tranches of economic stimulus packages which is 20% of Singapore’s GDP. There have been measures for supporting Workers, Family, and Industry in the form of Cash, Credit, and Cost. Apart from this, the country has also given other reliefs in the form of taxes, subsidization, and other laws. He deliberated about the foreseen challenges for Singapore post-COVID-19 which included high-degree geopolitical competition, fear for de-globalization, decrease in tourism, diversification of supply chain. His Excellency mentioned that Singapore has a strong manufacturing base and has been working with governments around the world to ensure that the supply chain is not disrupted. The country has been working on massive digitization of the economy and diversification of supply chains which will help the logistics and MSME sector to grow in the future. Mr. Jawed Ashraf informed that Singapore being one of the largest sources of investment for India and a leading source for foreign portfolio investment and commercial borrowers. India is a major investor in Singapore and a lot of Indian companies have established themselves in Singapore and its raising in a calibrated manner. Singapore remains one of the most attractive destinations for Indian Start-ups to raise capital, be globalized, and avail other benefits. As we go forward, we need to see how to leverage to advance the objective of self-reliance and enhance our supply chain. His Excellency highlighted that Singapore foresees India for trade relations in enhancing supply chain, industrial paths, logistics, MSME process, skill development, food, agriculture, medical supplies, urban development, and infrastructure, etc. We wish to grow trade with India significantly post COVID-19. Mr. Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry, in his welcome address highlighted about the close relationship shared by India and Singapore over past years which is multi-facet in terms of economic, cultural and trade linkages. He shared that India was one of the first countries to recognize Singapore for comprehensive agreements due to which this relationship turned into a strategic partnership. India and Singapore have conducted a lot of projects, minister visits, and trade initiatives with each other. He said COVID-19 pandemic has hit several verticals of the industry including tourism, MSME, hospitality, aviation, etc. He also lauded the bold relief package by Hon’ble Prime Minister Shri Narendra Modi which has given some relief to the industries. Mr. Ajay Poddar, Chair, International Affairs Committee for ASEAN, East Asia & Oceania, PHD Chamber, in his theme address gave an overview of India-Singapore trade relations, and mentioned that there has been rise in the number of Indian companies in Singapore and the initiatives taken by both the countries to promote industry and trade with each other. Mr. Saurabh Sanyal, Secretary General, PHD Chamber while proposing the Vote of Thanks, also assured that PHD Chamber of Commerce and Industry will always remain as a pillar of strength to its members and government. He also mentioned that its an opportune time of the Indian businesses to explore possibilities to enhance trade with Singapore. The Webinar included industry insights by Mr. Nasir Zaidi, Chair, International Affairs Committee for Gulf, PHD Chamber; Mr. Vivek Agarwala, Chair, International Affairs Committee for Africa; PHD Chamber; Mr. Vikram Gera, Co‐Chair, International Affairs Committee for Europe & CIS, PHD Chamber; and Mr Dhanendra Kumar, Managing Committee Member, PHDCCI and witnessed participation of more than 70 Industry stalwarts pan India. The session was moderated by Mr. Naveen Seth, Principal Director, PHD Chamber. Environics was the strategic partner of the webinar. Ends. Media Division PHD Chamber of Commerce and Industry