Mar. 29 – The Indian and Chinese Chambers of Commerce signed 400 memorandums of understanding (MoUs) on Monday in Singapore, signaling a strengthening of ties between Chinese and Indian industries as well as government.
The MoUs were signed between the Singapore Indian Chamber of Commerce and Industry (SICCI) and the Shanghai Representative Office of its counterpart, the Singapore Chinese Chamber of Commerce and Industry (SCCCI).
“It is a step in the right direction in furthering businesses with China,” SICCI Chief Executive Harnek Singh said after signing the MoU.
Currently, there are 3,000 Chinese firms and more than 4,000 Indian firms operating in Singapore. The county’s geographical position makes it a convenient economic bridge between India and China.
“The shift of world economic power has already taken place, and so has the shift of technology and entrepreneurship but not the shift of finance and wealth,” said the founder and chairman of Spice Group, Bhupendra Kumar Modi.
“Asia has its own destiny now, and Singapore can play a big role as it has sound legal and financial systems in place. What Singapore requires is confidence, which it should be able to build up with the support of India and China,” he added.
Dr Rahul Mukherji, an associate professor with the South Asian Studies Program at the National University of Singapore, urged investors interested in expanding into India and China to take heed of the different mindsets of the two emerging titans.
“China is a strong state in a weak society. The state can push certain things unambiguously,” he said. “But, in India, the state is constrained by actors and even inefficient sectors. You have to adjust to these…you also have to look at the investment environment of the specific state, and make sure your investment proposal gets married to the strategic goals of that state.”
The memorandums, which take immediate effect, will facilitate the process by which Indian firms in Singapore can do business with partner firms in China.
Source: 2point6billion.com - Foreign Direct Investment in Asia
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