Indian cos find new avenues in Singapore

SINGAPORE, June 20 (UNI) Singapore has seen a surge in the number of Indian companies setting up their operations in the city state, an increase of more than two-fold within the last five years, Singapore Trade and Industry Minister Mr Lim Hng Kiang said today.

Speaking at the launch of the India Business Forum, he noted the number of Indian companies have increased to almost 2,600 at the end of last year from just 1,100 in 2001.

''This makes Indian companies one of the largest contingent of foreign companies in Singapore today,'' said Mr Lim, who together with visiting Indian External Affairs Minister Pranab Mukherjee launched the IBF founded by corporate India.

These companies span a diverse spectrum of businesses--IT services, education, logistics and manufacturing just to name a few sectors, he observed, adding that many of these companies were using Singapore as a regional headquarters for the Asia Pacific region.

The strong and growing presence of Indian companies in Singapore is the best testament to the deepening economic linkages between India and Singapore, Mr Lim told the first gathering of the IBF.

''Looking ahead, I am confident that the successes of your member companies will serve as further inspiration for other Indian companies to come to Singapore,'' he said.

He noted that IBF was aiming to become the corporate voice of India in Singapore.

''I share in your aspiration. I look forward to receiving your constructive proposals and valuable opinions on how to improve Singapore's business operating environment,''he said.

UNI