Singapore to set up Special Economic Zone in India
New Delhi, Apr 4: Singapore plans to develop a Special Economic Zone (SEZ) in India to bring in a large range of industries taking advantage of the new SEZ legislation and the investor-friendly rules notified by the goverment.
This was indicated in the joint statement on the mid-term review of the India-Singapore Comprehensive Economic Cooperation Agreement (CECA). The CECA review was taken jointly by Commerce and Industry Minister Kamal Nath and Singapore's Minister for Trade and Industry Lin Hng Kiant in Singapore on March 31.
The Ministers welcomed the interest of Indian and Singapore banks to expand in each other's markets. Since signing the CECA, Singapore has admitted both UTI Bank and the Bank of Baroda. Singapore has also made an offer for the banking regulators from both sides to form a study team to consider Indian banks' interest in obtaining a qualifying full bank licence.