Singapore, 24 May 2012 (Thursday) – The Singapore Management University (SMU) and Indian Institute of Foreign Trade (IIFT), a Deemed University and a leading business school in India, will collaborate to conduct training programmes and research relating to International Trade and Business from an Asian perspective. The partnership is formed against the backdrop of doubling of trade between Singapore and India following the signing of the Comprehensive Economic Cooperation Agreement CECA seven years ago. Singapore is also the second largest investor in India with cumulative FDI of approx US$14 billion, while India is Singapore's eighth largest foreign investor.
Under the partnership, the two institutions will jointly design and launch Management Development Programmes (MDP) as well as offer postgraduate certificate programmes in areas related to International Trade, Business and Management. Both parties also agreed to conduct joint research, c ase writing in the area of International Trade and Business, especially related to the Asian region. The Memorandum Of Understanding (MOU) also covers student exchanges between the two institutions.
On Wednesday, 23 May 2012, SMU and IIFT, which is also an autonomous body under the Ministry of Commerce and Industry, India, signed an MOU to mark the partnership. The MOU was signed by Mr. K. T. Chacko, Director of IIFT, and Professor Rajendra K Srivastava, SMU's Provost and Deputy President (Academic Affairs) , at a ceremony which took place at SMU in Singapore.
“With the shift in growth and centre of economic gravity towards emerging economies in Asia, it is becoming increasingly important for international trade professionals to be trained both inside and outside India to take full advantage of India's business opportunities. That Singapore is a trading and logistics hub, as well as a major financial centre in the region makes the SMU-IIFT or Singapore-Delhi educational axis a good mechanism for fostering both education and trade,” said Professor Srivastava.
He added, “Companies from both India and ASEAN region often use Singapore as the base for their trade in agricultural, mineral and energy resources. SMU, with its International Trading Institute and other Centres of Excellence, and IIFT are well-positioned to offer world class training to international trade professionals. IIFT's Centre for WTO Studies, as well as its presence in Africa brings additional value to the partnership as SMU's Research Institutes and Centres will be able to tap on these linkages.”
The Director of IIFT, Mr. K. T. Chacko said, “The joining of hands between Singapore Management University and the Indian Institute of Foreign Trade, India would go a long way in enriching the research and collaborative educational programmes. SMU's academic strength and in depth understanding of South East Asia and IIFT's core strength in International Business will prove a win-win situation for both.”
About the Indian Institute of Foreign Trade, New Delhi , India
The Indian Institute of Foreign Trade (IIFT) was set up in 1963 by the Government of India as an autonomous organisation to help professionalise the country's foreign trade management and increase exports by developing human resources; generating, analysing and disseminating data; and conducting research. The Institute's portfolio of long-term and short-term programmes is diverse and covers all areas of International Business. Now a Deemed University, the Institute has a state-of-the-art library and computer centre. The Institute has Centres of Excellence in the areas of WTO Studies, Small & Medium Enterprises and International Trade in Technology. IIFT has, over the years, undertaken path-breaking research studies with organisations like WTO, World Bank, UNCTAD and the Ministry of Commerce & Industry, Government of India. The Institute has also trained more than 40,000 business professionals across 30 countries in various facets of international business and trade policy via its Management Development Programmes. Among its flagship programmes is a Two-year MBA (International Business), offered in New Delhi, and Kolkata, in India and Dar-es-Salaam in Tanzania.
