Commerce and Industry Minister Anand Sharma has asked Singaporean firms to invest in India’s infrastructure sector, especially in the Delhi-Mumbai Industrial Corridor (DMIC).
Anand reiterated that India and Singapore need to ensure that their bilateral trade and investment is integrated closely into the wider India-ASEAN (Association of Southeast Asian Nations) economic engagement framework as this would be the key to future success of the India-Singapore economic partnership.
Singapore was the first country with which India signed a Comprehensive Economic Cooperation Agreement. The pact has helped by more than doubling the bilateral trade since its signing initial in 2005.
Bilateral trade between the countries is expected to have crossed an estimated $14 billion last year. Foreign Direct Investment (FDI) inflows into India from Singapore during April 2000-October 2010 were worth $11.47 billion.