SINGAPORE, June 21 (PTI): Indian-owned companies here came together yesterday to form the India Business Forum (IBF) to portray the "voice of corporate India" as the number of such enterprises continue to expand their operations here in this island republic.
Launching the IBF, visiting External Affairs Minister Pranab Mukherjee described it as a "laudable initiative" saying it reflected the emergence of an entrepreneurial India.
"The India Business Forum is a commendable step in bringing together Indian companies in Singapore. As these companies compete in a challenging market, they inevitably face issues that need to be addressed collectively," Mukherjee said addressing Indian and Singaporean entrepreneurs.
The minister noted that "perhaps in time, these issues would extend beyond Singapore to other ASEAN countries as well."
He added that the grouping could make a critical contribution to the appreciation of "Brand India" in Singapore. The IBF is the brainchild of the Confederation of Indian Industry (CII).
Singapore Trade and Industry Minister Lim Hng Kiang, who was also present at the launch said the last few years had witnessed the "renaissance of India" and evidence of this could be seen by the increasing number of Indian companies setting up operations or hub in Singapore.
"In 2001 there were 1100 Indian companies here but by the end of 2006 this figure had shot up to 2600," he said. "Fora like the IBF will play a pivotal role in bringing together people of the two countries," he added. Within the IBF, various sub-groups will be set up in the areas of manufacturing, services, trade and financial services.
Indian cos launch business forum in S’pore
FE Team | Published: June 22, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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