Indo-Singapore trade records 41 per cent rise

Chandigarh, Apr 28 (UNI) The bilateral trade between India and Singapore shot up to 16.6 billion Singapore dollars in 2005 with a growth of 41 per cent on its previous year level.

Singapore exports to India in 2005 valued at 9.81 billion dollars with 39 per cent of annual growth, Board Director of Singapore Indian Chamber of Commerce and Industry (SICCI) R Narayanamohan said at a seminar on ''Bilateral Trade and Business Opportunities in Singapore'' here today.

Mr Narayanamohan said Singapore was the perfect destination for investment or doing business as it had a pro-business environment, excellent ranking, robust infrastructure, ample research and development resources and strategic location.

Speaking on advantages of incorporating a company in Singapore, he said that dormant companies and private companies with revenues not exceeding 5 million S dollars from June 1, 2004, would be exempted from audit requirement.

Moreover, there would be full tax exemption scheme for new companies YA 2005-2009 for first three consecutive years and tax exemption on dividends, branch profits and service income were available.

Mr Alan Tan, First Secretary, Commercial, Singapore High Commission at New Delhi, said India's exports to Singapore had not only more than doubled in the last two years but had also grown faster than to India's other major trading partners.

Singapore has been a key regional financial centre with more than 500 local and foreign financial institution offering a wide range of financial products and services, he said.

The Indian FDI stock in Singapore was 355 million S dollars as on 2003-end and Singapore was India's 7th largest investor (1.6 billion S dollars), he added.

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