India for deepening economic ties with Singapore.

SINGAPORE: India plans to deepen its economic ties with Singapore as part of its 'Look East policy', with bilateral trade expected to touch SGD 30 billion this year.

India and Singapore bilateral trade is expected to touch SGD 30 billion this year, recovering strongly from the recession hit 2009, Indian High Commissioner to Singapore, Dr 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 but 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 January 14-16, 2011 in the city.

"We have seen a very good recovery from 2008 and a good financial investment climate," said Dr Raghavan.

Meanwhile, 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.

Dr 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 January 14 'India Symposium' - themed 'Indovations: Ideas for the World', would highlight the innovation in the Indian manufacturing, services and infrastructure sectors.

The Indian businesses participating in the show would be seeking to establish partnership and strategic links with Singapore's small and medium enterprises as well as major corporations in the infrastructure sector, especially seeking out water-technology and urban development expertise, he said.

Though the show would focus on Singapore companies, a number of regional businesses have registered to participate in the show, the largest ever of its kind in southeast Asia.

ANTRIX, the Indian space research organization, would also be participating in the show.

ANTRIX physicists would join counterparts from the National University of Singapore in a day-long conference focusing and exploring the potential of development in the science fields between the two countries.

ANTRIX would be launching Singapore's first commercial satellite in about a month, said Dr Raghavan.

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.

Source : economictimes.indiatimes.com