'India can attract more foreign firms if it replicates Singapore's biz model'

Singapore: India can attract more foreign firms if it replicates Singapore's model of ease of doing business, a leading industry body here has said.

Currently, around 8,000 Indian companies are registered in Singapore. Though the data on the number of Singapore companies in India is not available, it is estimated to be over 100.

Indian companies are attracted to Singapore for ease of doing business, registering a company and opening a bank account, Singapore Indian Chamber of Commerce and Industry (SICCI) President Dr T Chandroo said while speaking at the launch of 'Aspiring Entrepreneur Network and Women Entrepreneur Network'.

"If this same thing can be replicated there (in India), I think there will be many more Singapore companies going to India," he said.

According to the World Bank, India has jumped 30 places to rank 100th in its 'ease of doing business' ranking.

Singapore ranks second in the 'ease of doing business' list by the World Bank.

Stating that SICCI was aiming to have more Singapore companies for India's industry development, Chandroo said: We want some collaboration where we can partner India's Confederation of Indian Industry (CII) and seek an understanding where they can help Singapore companies go to India and help Indian companies come to Singapore.

He informed that a meeting is scheduled for Aug 20, 2018 to work out details of the collaboration.

I would like to see more Singapore small and medium enterprises (SMEs) going to India, Chandroo said.