Interactive Meeting with Mr George Yeo, Hon'ble Minister for Trade & Industry, Singapore
November 26, 2002, New Delhi

Address by Mr Rajiv Pratap Rudy, Hon'ble Minister of State For Commerce & Industry, Govt. of India

Ladies and Gentlemen,

It is a great pleasure for me to be present on this occasion when India-Singapore business links are being intensified.

The leading Indian industrialists who are present here today cover a wide spectrum of trade and industry. The presence of so many distinguished representatives from India Inc is clearly indicative of the possibilities that we see in forging new links in the fields of trade, commerce and industry with Singapore.

The recently concluded India-ASEAN Business Summit, co-organised by FICCI along with the MEA and MOC&I, attracted participation of the largest ever delegation from Singapore. Therefore, there is a considerable amount of interest amongst the business communities of both the countries to take bilateral trade and investment to greater heights.

I must state with pride today that the reforms initiated since 1991 and the current economic programme of the Government have laid the foundation for the rejuvenation of a nation on the lines of responsible enterprise, flowering in an enabling, market-driven atmosphere.

There is much that we can share in the new millennium, especially in terms of trade and economic cooperation, and I have no doubt that we shall.

Both countries are rooted in history that stretches back thousands of years; we are both inheritors of a rich legacy of which we can be justifiably proud. of. There is a lot of scope for enhancing our commercial linkages, despite our apparent incompatibility in terms of size - geographic and demographic.

In this millennium, India and Singapore face a common challenge- how to preserve our history, culture and identity in an increasingly globalised society and economy. We also share an opportunity from which both nations stand to gain - the opportunity to conquer new frontiers of economic cooperation between India and Singapore.

Given our attitudinal disposition and a large pool of skilled manpower, we have taken a number of measures to foster knowledge-based industry. We are determined to become a leading power in Information Technology. Reforms in the telecommunications sectors are moving forward. Laws and regulations truly based on convergence would further support these initiatives. Similarly, in the area of pharmaceuticals, bio-technology, particularly genome research, India provides vast skills and diversities to scale new horizons.

You thus have a wide choice of both the 'click' and the 'brick' economy in which your strengths can be combined with our attitudinal skills, manpower and a large diversified industrial base.