Singapore sees a huge business opportunity for its companies in the Narendra Modi government's plans to develop 100 smart cities across the country.
S Iswaran, Singapore’s Minister Second for Trade and Industry, has said that Singapore companies can contribute in building smart cities as they have a strong track record in urban solutions and infrastructure management.
“This is also what our companies are doing in other markets in China and ASEAN countries. Our companies have started doing this here also,” Iswaran told a select group of journalists from India and Singapore here.
The government had announced the setting up of 100 smart cities across the country soon after it came to power in May 26. The first among these is being developed in Dholera, 110 km from Ahmedabad along the Delhi-Mumbai Industrial Corridor.
Trade between Singapore, the “largest trade and investment partner” of New Delhi among ASEAN countries, and India is “growing quite well” and valued at about 25 billion dollars, he said. “There are new opportunities based on the initiatives of new government under Prime Minister Modi. We see this as a way for enhancing bilateral economic cooperation," he said.
Iswaran had flown to Ahmedabad from New Delhi in the inaugural flight of Vistara, a joint venture of Tata Sons and Singapore Airlines, on Saturday to attend the Vibrant Gujarat Summit.
Complimenting the joint venture, Iswaran said it is an "excellent addition" in bilateral economic ties between India and Singapore. “I think it is a very good development. It will give further momentum to the economic ties between the two countries," he said.
Asked whether Singapore businesses still experience bottlenecks in dealing with India, he said in any emerging market, there are opportunities as well as challenges. “This is not just specific to India. That is why our businesses and investors need to asses the opportunities and compare it with the risks associated with it,” he said adding the reality is that all governments will have to reconcile the challenges it faces.
Expressing confidence in Modi government, he said, businessmen, especially in Singapore are closely watching the agenda set by the new government. “They see an opportunity. The greater regulatory clarity, the greater the investment incentive is,” he said.
