Trade between India and Singapore is expected to reach 29-30 billion Singapore dollars (SGD) this year, recovering strongly from the recession hit 2009, Indian High Commissioner to Singapore, T C A Raghavan, said here today.
Bilateral trade between the two countries dipped last year to SGD 22 billion due to the global recession. The trade was SGD 28 billion in 2008, having surged from SGD 12 billion in 2005 following the implementation of the Comprehensive Economic Cooperation Agreement.
"Singapore is a very important partner of India," he told a Singapore press conference for 'The India Show 2011' to be held during January 14-16, 2011, in the city.
"We have seen a very good recovery from 2008 and a good financial investment climate," Raghavan said.
India’s Commerce and Industry Minister Anand Sharma would be leading a high-level ministerial and CEOs delegation to Singapore for 'The India Show'.
Some 80 Indian corporations will be exhibiting at the show which would also have a symposium aimed at further nurturing the good relationship between India and Singapore.
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Raghavan said the show is part of the Indian government’s Look East policy, and would acquaint business visitors with the latest in Indian products and technology, help them understand the trends and offer opportunities in various sectors of the Indian economy as well as have the corporate worlds of the two countries discuss business cooperations.
The highlights of the show would include Tata Technologies 'Nano' car and Indian wines as the Indian business put in aggressive efforts to promote 'Brand India'. The Indian wine producers have some 700 Indian restaurants in Singapore, to exploit the city’s market, he pointed out.