Singapore was the second largest source of FDI (Foreign Direct Investment) into India in 2013-14, bringing in $5.98 billion, about 25% of the total FDI inflows in that year.
Speaking on the issue of GST he said: We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016. The company law tribunal is being set up.
Projecting India as a land of new opportunities for global investors, Modi, who came to power in May 2014, said his government has “successfully restored the credibility of India in the eyes of global players”.
“At the end of the visit, (Mr Modi) asked our PM to help create something like this in his country that they can be proud of”, Mr Poh said.
Talking to journalists outside the Parliament House, he said that Modi was destroying peace in Pakistan, India and in the whole region. “I have personally interacted with PEMANDU, and am pleased that our Niti Ayog will work with them”, he said.
“We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market”.
He further stated, “There is a lot that Singapore can teach us”. This will also provide long term finance for infrastructure.
An MoU was also signed between Airports Authority of India (AAI) and Singapore Cooperation Enterprise (SCE) to facilitate mutual cooperation in a number of mutually agreed areas of civil aviation services and airport management beginning with Jaipur and Ahmedabad airports.
And, together, the two countries could be more effective in addressing their common global challenges, from trade to climate change, he said.
India and Singapore on Tuesday signed a joint declaration on strategic partnership and nine accords cutting across various sectors following talks between Modi and Lee.
On his part, Hsien said the diverse Indian community in Singapore has played a large part in building the country.
Hard-selling India’s growth story to Singapore business chiefs, Modi said, “India’s economy is the fastest growing economy”.
” The Gate also offers a way into the rich culture and history of India, one of the oldest and greatest civilisations in the world.
“That include rail transportation, shipbuilding, information, communications and technology, power generation and iron and steel manufacturing”, he told reporters at a joint-press conference with Prime Minister of China, Li Keqiang, here today. “We look forward to an early conclusion of the Regional Comprehensive Economic Partnership Agreement”, he said.