'India-Singapore trade to hit SGD 30 bn this yr'

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SME Times News Bureau | 22 Dec, 2010
India-Singapore bilateral trade is expected to surge by over 36 percent from SGD 22 billion in 2009 to SGD 29-30 billion this year, according to Indian High Commissioner to Singapore, T C A Raghavan.

Trade between India and Singapore is expected to reach 29-30 billion Singapore dollars (SGD) this year, recovering strongly from the recession hit 2009, the Indian High Commissioner to Singapore said in Singapore on Tuesday.

Bilateral trade between the two countries dipped last year to SGD 22 billion due to the global economic slowdown.

India-Singapore trade was SGD 28 billion in 2008, having surged from SGD12 billion in 2005 following the implementation of the Comprehensive Economic Cooperation Agreement.

"Singapore is a very important partner of India," Raghavan was quoted as saying at a Singapore press conference for 'The India Show 2011' to be held during January 14-16, 2011, in the city.

"We have seen a very good recovery from 2008 and a good financial investment climate," Raghavan said.

Commerce and Industry Minister Anand Sharma would be leading a high-level ministerial and CEOs delegation to Singapore for 'The India Show'.