In a recent address at an industry event in New Delhi, Singapore’s Minister for Trade and Industry Gan Kim Yong encouraged Indian businesses to increase their investment in Southeast Asia.
Speaking at the annual Confederation of Indian Industry (CII) Partnership Summit, Gan Kim Yong highlighted the importance of Indian businesses viewing Southeast Asia as a lucrative market for trade and investment. He acknowledged that India is headed towards a $30 trillion economy by 2050. “My challenge to Indian businesses is to increase your investment in ASEAN by at least ten-fold to $20 billion by the end of this decade,” he said.
India and Singapore have maintained strong economic ties for years. According to the High Commission of India in Singapore, investors have invested over $137 billion in India over the last two decades. According to the Singapore minister, the two countries can channel their partnership towards renewable energy and supply chain strength, especially as the world faces major challenges on all fronts. “Indeed, we meet in a time of great political, economic, social, and environmental stress. Our world is facing unprecedented uncertainty and economic headwinds. Many countries, even those that once took for granted that the supermarket would always be full, are now worried about food security,” he said.