Singapore sees India as key investment destination
India has been identified as a key investment destination by Singapore and its official investment arm - Enterprise Singapore encouraging local companies to invest in India.
EnterpriseSG is a government agency within Singapore's Trade and Industry Ministry which supports Singapore SMEs (small and mid-size enterprises) by helping them upgrade their capabilities, innovate, transform and develop internationally.
While rival financial center Hong Kong is in danger of a talent drain due to the departure of expatriates and locals, Singapore's finance minister and future prime minister Lawrence Wong are looking to increase financial industry jobs by over 10 per cent by creating 20,000 jobs between now and 2025.
EnterpriseSG assisted around 80 companies in projects in Africa, India and Latin America between January and May.
However, Ms Sabrina Ho, regional director of EnterpriseSG's center in New Delhi feels that there are limitations with a partnership approach as Singapore firms end up having limited exposure to operations on the ground.
"We recommend that companies communicate with their local partners regularly, and consider short-term trips as well, to learn about ... the market landscape," she told The Straits Times, the main English language newspaper in Singapore.
She recommends that firms and start-ups work on building a small in-market presence by deploying executive leadership in India, or by rehiring Indians who have returned from Singapore.
Ho further cited how EnterpriseSG has been stepping up on working with partners such as trade associations in India and Singapore, going beyond facilitating business-to-business engagements and networking sessions.