Kamal Nath calls on Singapore MNCs to invest in India
Singapore, Apr 12: Commerce and Industry Minister Kamal Nath today called on multinational companies based in Singapore to help develop further Indian businesses.
Addressing the Global Business Leaders Lecture at the inaugural session of the Connecting India Summit here, Mr Nath said India offered a market beyond the Association of Southeast Asian Nations (ASEAN) region to Singapore.
''I believe Mumbai, along with Singapore, Hong Kong and Dubai will become a global financial centre,'' he said in a follow on to Prime Minister Manmohan Singh's recent announcement of making Mumbai a leading financial centre.
Mr Nath also touched on the potential of developing bilateral trade between India and Singapore to match the level of China and Singapore bilateral trade which was estimated at 64 billion dollar.
India-China bilateral trade had grown to 1 billion dollar per month from just about 1 billion dollar per annum previously, he said.
There is a potential for growing the India-Singapore trade in a similar way, he added.
Mr Nath called on 6,500 MNCs and 150 venture capitalists based here to ''quickly invest in India.'' Elaborating on the potential of further building businesses in India, he said the future focus would be on engineering process outsourcing and knowledge process outsourcing, moving away from the current booming business processing outsourcing.
He highlighted the importance of Comprehensive Economic Cooperation Agreement between India and Singapore helping grow bilateral trade, which had grown to 16.6 billion dollars in the last two years.
Mr Nath also explained India's strategy on energy, saying New Delhi was now turning to the use of nuclear for energy sector and development alternative energies such as hydro-dams as well as ethanol.