Indo-Singapore trade growing at 41% annually

The growth of Singapore-India bilateral trade has outpaced the growth of Singapore-China bilateral trade.

This came to light in a business meet between a Singapore delegation and Indian businessmen in Indian Merchants' Chamber (IMC), Mumbai. 
"Rate of growth of Singapore's trade with India has reached 41% and has outpaced the growth of the its trade with China." Pradeep Menon, executive director of Singapore Indian Chamber of Commerce and Industry (SICCI) said.

Menon was part of 45-member Singaporean business delegation, the biggest so far from Singapore. The delegation held talks with Indian industrialists and explored new business opportunities.

"India is surging and we want to play a part in its growth by contributing our enterprise and capital," said Menon. Before coming to Mumbai, the delegation visited Chennai and Pune and held talks with the businessmen there.

The delegation said there are lot of opportunities in India. The Economic Cooperation Agreement (CECA) between India and Singapore, industrialists believe, has laid the foundation for future growth of business partnership between the two countries.

"Singapore is India's gateway to ASEAN and China. It is also India's largest export partner and the second largest source of imports from ASEAN," Nayan Patel, president of IMC, said.