 "Singapore development model can be replicated in India: industry leaders")
"Here in Singapore we have been able to tap the strength what we had," George Abraham, consultant CEO of Singapore Indian Chamber of Commerce and Industry (SICCI), said, referring to Singapore which despite its limited land with no natural resources has become a model of development for many countries.
The Indian-origin entrepreneur said that after independence in 1965, Singapore knew that it has no natural resources so it took advantage of its strategic location and developed itself as a major transient hub.
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On the other hand, he said India which has 5,000-year-old history is yet to tap this potential.
Other SICCI members echoed the same view. They said many people who want to invest in India but are discouraged as they need to go through archaic rules and regulation which actually don't serve any purpose but only annoy investors.
"We want to work with India on smart cities but we would like to have smart people in India who would allow us to do that," Abraham said, referring to Prime Minister Narendra Modi's ambitious plan to build 100 smart cities across India.
"The Singapore story can be replicated in India if it do away with archaic laws," he added.
"We want to go to India...We want to have a reliable partner," R Theyvendran, chairman of SICCI said and highlighted the problems like corruption and lack of proper and centralised regulatory and information system that keep investors away from India.
SICCI members believe that Modi, who launched many new initiatives after taking over in May, would address concerns echoed by investors to bring about a positive change.