Singapore, India's ideal ally in East Asia surge: Kamal Nath

Bangalore, Jan 18 (UNI) Singapore had remained India's able ally, which helped the country gain a foothold in the massive East Asia economic activity seen in recent times, Union Commerce and Industries Minister Kamal Nath said today.

Speaking at a luncheon session on 'India-Singapore: Road map for the future' as part of the CII Partnership Summit here, he said the solid backing of the tiny nation greatly helped India to participate in the ASEAN initiative that helped the country to share the massive economic surge the East Asian countries like Japan, Korea and China had achieved.

''Singapore has been a catalyst in setting standards for the monitory institutions in this part of the world, which also had a positive spin off on India,'' he said.

Mr Kamal Nath said when India signed the Comprehensive Economic Cooperation Agreement (CECA) with Singapore, many had questioned such an agreement with such a city-State. This agreement was India's first broad-based trade agreement with any country. ''Singapore has been a major investment hub in the world and India is looking for more FDI to flow into the country. Close ties with Singapore will result in more investment flowing towards India,'' he added.

MORE UNI