Singapore business community will hold a one-day brain-storming conference next month on understanding and overcoming challenges of doing business in India.
The Singapore Indian Chamber of Commerce and Industry (SICCI) is organising the conference “Understanding and Overcoming Challenges in India” on October 2, setting the tone for Singapore-based investors to explore the potential of Indian market, with the High Commissioner of India to Singapore Jawed Ashraf delivering the keynote speech, reports PTI.
There are many significant investment opportunities for Singapore companies in the brimming Indian market especially the implementation of favourable and open policies, said SICCI Chairman Dr R Theyvendran. The Smart Cities initiative opens doors in many business sectors including energy, building, and logistics, he noted.
“Singapore is seen as a smart nation that is very relevant to the aspirations of new India,” PTI quoted him.
Established in 1924 as Indian Merchant Association, SICCI is an ‘active commercial organisations’ with some 1,000 members, according to information on its website.
SICCI today offers its members a diverse range of services through its subsidiaries SMECentre@SICCI, SICCI Institute of Business, SICCI Trade Documentation and SICCI Trade Match.
In the same report, Theyvendran told PTI that SIIC have organised many overseas trade missions to create opportunities for our members to network with business leaders, associations and government bodies in various countries.
“With our wide network, on-ground knowledge, and extensive experience, the Chamber is well placed to help businesses seize opportunities both in Singapore and in the international arena,” he said.
While Singapore wants to encourage local businesses to go into India to take advantage of the opportunities present, it also wants them to be mindful of some of the challenges that they will face, said SICCI CEO Sunil Peter.
He was further quoted as saying: “We would like to equip them by bringing about a greater awareness of how these challenges can be overcome and better prepare themselves so that their chances of success of doing business in India is higher.
“This conference aims at helping the investor to better understand some of the Legal, Taxation and Banking challenges that they may encounter.
“While the challenges may be in many areas, in this conference, we are focusing on three areas – Legal, Tax and Banking. We hope to revisit this topic every year and cover other areas that we perceive to pose a challenge.”
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