BCIC asks S'pore to list Indian firms in SSE

Bangalore, Oct 11: The Bangalore Chamber of Industries and Commerce (BCIC) today sought Singapore to facilitate listing of Indian companies on the Singapore Stock Exchange to boost flow of bilateral trade between the two countries.

BCIC Direct Taxes Committee Chairman K R Girish, speaking at a seminar on 'Comprehensive Economic Cooperation Agreement' (CECA) organised by the BCIC here, opined that bilateral trade between India and Singapore had significantly improved after signing the CECA, but it could be taken to greater heights by allowing listing of Indian companies on the Singapore Stock Exchange.

Terming the CECA signed last year as the most comprehensive trade agreement inked by India, he said bilateral trade since signing the first-ever economic pact with Singapore witnessed an increase of 41 per cent and exports were up by 44 per cent at 6.8 billion US Dollar. Bilateral trade between the two countries was expected to touch about 50 billion Dollar by 2010 and over ten billion Dollar investment was likely in India from Singapore by 2015.

Mr Girish said the country had also signed bilateral trade agreements conferring the most preferred nation for trade status on Sri Lanka and Thailand, but the agreement signed with Singapore was comprehensive and beneficial to both the countries. ''The CECA with Singapore covers a whole gamut of bilateral trade,'' he added.

He said implementation of the pact in letter and spirit had yielded the desired results, with premier institutes like IIMs deciding to open branches in Singapore. The CECA also resulted in opening up of opportunities in the field of electronics, semi-conductor industries, educational services, bio-medicine sector and the emerging nanotechnology, he added.

UNI