Singapore: Prime Minister Narendra Modi on Thursday invited Singaporean business leaders to look at investment opportunities in India in sectors like aviation, energy, and skill development.
In his interaction with a group of leading Singaporean CEOs from diverse sectors, Modi said India had made transformative progress in the last 10 years and would continue on the same path given its strengths of political stability, policy predictability, ease of doing business, and its reform-oriented economic agenda.
India is set to become the third largest economy in the world over the next few years, he told the CEOs from sectors, including investment funds, infrastructure, manufacturing, energy, sustainability and logistics.
Referring to the aviation sector, Modi said India would be requiring more than 100 new airports and more airline companies to meet the rising domestic traffic.
“If there is any fastest growing aviation market in the world, it is in India…the entire sky open,” the visiting prime minister said while inviting investment in India.
He said even scrapping business in India presents huge investment opportunities, adding there are plans to scrap all old government vehicles.
Lim Boon Heng (Chairman, Temasek Holdings), Lim Chow Kiat (CEO, GIC Private Limited), Goh Choon Phong (CEO, Singapore Airlines), Yam Kum Weng (CEO, Changi Airport Group), Yuen Kuan Moon (CEO, SingTel), and Piyush Gupta (CEO and Director, DBS Group) were among the corporate leaders present in the business round table, an official release said.
Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and law K Shanmugam of Singapore also participated in the event.
Prime Minister Modi acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore.
To further facilitate their collaboration with India, the prime minister announced the setting up of an INVEST INDIA office in Singapore.
He further added that the elevation of India-Singapore ties to a Comprehensive Strategic Partnership would give a major thrust to bilateral economic relations.
Talking of India’s impressive growth story, its skilled talent pool, and expansive market opportunities, Modi highlighted that India is contributing 17 per cent to global economic growth.
He spoke about various initiatives to enhance India’s participation in global value chains through programmes such as Production Linked Incentive scheme, India Semiconductor Mission and establishment of 12 new Industrial Smart Cities.
He called upon the business leaders to look at opportunities in India in the field of skill development.
For businesses looking for resilient supply chains, the prime minister noted that India is the best alternative given its strengths.
Modi assured the participants that India will increase the pace and scale of infrastructure development in his third term and apprised the CEOs of new opportunities in the fields of railways, roads, ports, civil aviation, industrial parks and digital connectivity.
