Minister suggests innovation corridor India-Singapore

The Minister of Finance, Heng Swee Keat, has proposed more support for start-ups from India and Singapore and called for an innovation between the two countries.

Firstly, in addition to appreciating established companies, we can do more to support our start-ups and build an innovation gap between Singapore and India, said Heng after yesterday's annual meeting of the Confederation of Indian Industry (CII) had initiated.

We can explore more ways to connect companies, perhaps via online and new data-driven platforms. This would give companies an overview of the available opportunities and provide an almost-instantaneous way of linking, he said in a keynote speech during the lecture, which will be the annual CII event here.

The minister, who addresses more than 100 business people from the two countries and CII delegates, also called for the strengthening of partnerships between entrepreneurs at different stages.

Programs like the India Ready Talent program, involving CII and universities in Singapore are good starting points, he said.

It enables students in Singapore to benefit from the CII network of more than 8,000 members for internship opportunities in India, he emphasized.

In the long term, we hope to establish a network of innovation and collaboration. I hope that organizations and organizations from CII and Singapore can work closely together, he said.

Second, companies are constantly changing. The big old houses of Indian trade are diversified to new industries such as Fin Tech and digital solutions, he noted.

The minister invited CII to connect India's new generation of business leaders with partners from Singapore to create new opportunities for networking and promoting more innovation.

Heng said India can play an important role in the region, which falls under the Regional Comprehensive Economic Partnership (RCEP), which is expected to be completed by the end of the year.

By agreements like CECA (Comprehensive Economic Cooperation Agreement) and the RCEP, India can play an important role in our region, he said.

An economically integrated region would enable us to realize our collective growth potential, he emphasized.

In 2019 the expected growth of India is 7.8 percent, while ASEAN is expected to grow by 5.3 percent.

ASEAN and India share similar benefits, such as a relatively young population, a growing middle class and rapid urbanization, he noted.

By working together, we can use a common growth engine, he said, and applauded CII for his role in building business ties between India and Singapore for the past 25 years.

CII, which established its regional office in Southeast Asia in Singapore in 1994, facilitated business associations and leaders in guiding the bridge building process.

CII facilitated Emeritus Senior Minister Goh Chok Tong and Minister Heng as well as the Indian High Commission in Singapore for 25 years of guidance in building the India-Singapore business network.

(This story is not edited by Business Standard staff and is automatically generated from a syndicated feed.)

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