“India is a significant trading partner of Singapore.  In 2013, India was Singapore’s 11th largest trading partner and 12th largest export destination, with total trade volume of S$25.5 billion.  There is significant scope to further enhance our bilateral economic cooperation. In particular, I believe these opportunities lie in India’s industrial, infrastructure and skills development priorities, and the potential for greater regional economic integration,” said Minister Iswaran, , Minister (Prime Minister’s Office) and Second Minister for Home Affairs and Trade & Industry.

India recognises that manufacturing capabilities, and indeed, wider economic development, must be coupled with adequate capacity in port, power and road infrastructure. This is another area where Singapore can make a meaningful contribution through the expertise of our companies and the access to our capital markets, he added.

Minister Iswaran was speaking to about 350 participants – business leaders, academic experts, financial professionals and representatives from the media – at the Singapore-India Business Dialogue (SIBD), of which he was the Guest-of-Honour.  The Dialogue was organised by the Singapore Management University (SMU) on 21 May 2014 to facilitate the sharing of insights and knowledge between academics and businessmen from Singapore and India.  This year’s Dialogue focused on the Changing Financial Landscapes in Singapore and India.

[Photo: Minister Iswaran speaking to 350 participants at the Singapore-India Business Dialogue 2014.]

“Besides the evident market opportunities, our historical ties, cultural familiarity, and common use of English, especially in business, are assets. Singapore companies also have a certain familiarity with Indian market in several sectors due to business activities over the past few decades.”

He also urged SMU students who were present in the audience to "take full advantage of SMU’s many connections with India" and "to seize these opportunities in SMU’s culture of want something, do something".  These include student exchange programmes, internships, study missions and overseas community service project opportunities.  He said, “The exchange programmes SMU has with India are opportunities to immerse yourselves in a different culture, build friendships and broaden your horizons.  In a globalised economy, companies seek capable individuals who function effectively in multi-cultural teams in an international business environment. India and the other regional markets offer you an excellent opportunity to hone precisely those skills.”

With the Dialogue being held just five days after the conclusion of India’s historic elections, the conversation could not have been more timely and relevant.  Indeed, many speakers and participants pointed out that the BJP’s and its alliance’s victory added currency and piquancy to the forum.

[Photo: SMU Provost and Deputy President (Academic Affairs) giving the welcome address at SIBD 2014.]

On why SMU was hosting the conversation, SMU Provost and Deputy President (Academic Affairs), Professor Rajendra K Srivastava, said, “Under SMU’s India Initiatives, we are working towards creating knowledge networks in partnership with leading educational institutions, and by working closely with business organisations and international conglomerates which offer us useful perspectives on how to operate successfully in both markets.”

“Through developing case studies and executive programmes focusing on Asia, and organising forums and high-level dialogue sessions like today’s, we want to generate fresh and forward-looking management understanding of India and the rest of Asia through focused market insights, with SMU fielding the academic content, and our partners providing industry perspectives.  In doing so, SMU hopes to contribute to the further deepening of the excellent bilateral relationship and understanding between India and Singapore that the two countries currently enjoy,” he added.

Mr Prashant Saran, Whole-Time Member of the Securities & Exchange Board of India, gave the keynote speech on the challenges and prospects for India’s economy.

[Photo: An enthused audience engaging with Mr Prashant Saran (seated left in photo on the right) after his keynote speech.  Moderating the Question-and-Answer session was SMU's Professor Rajendra Srivastava (far right).]

He said in his speech that many improvements, covering areas including the economy, social development, the environment, education and infrastructure, would have to be implemented for India’s sustainable growth.  Mr Saran concluded that “after the initial problems are taken care of and starting inertia overcome, many poor economies grow fairly rapidly.  However, growth peters out after the economy approaches middle income segment, or the middle income trap… As India grows, this challenge is to be understood very clearly and tackled.”

[Photo: A lively panel discussion in progress with active participation from the audience.  Left to Right on panel: Mr Manish Kejriwal, Mr Soumen Mitra, Professor David Lee, Mr Ronald Tan and Mr Sandeep Sharma.]

A panel of distinguished business leaders also shared their views and experiences as panellists at the Dialogue.  They were: Mr Manish Kejriwal, Managing Partner, Kedaara Capital Advisors LLP; Mr Soumen Mitra, Chief Executive Officer of TATA Captial Pte Ltd; Mr Ronald Tan, Director, Listings, Singapore Exchange Limited; and Mr Sandeep Sharma, Co-Head, HSBC Private Bank Southeast Asia.  Professor David Lee, Director of Sim Kee Boon Institute for Financial Economics, who is also a Professor of Quantitative Finance at the SMU Lee Kong Chian School of Business, chaired the panel discussion, which focused the key changes to the financial climate in the two countries following the recent India elections, implications on businessmen and investors on both sides, and where the opportunities for businesses lie.

There was overall optimism on the prospects of India, especially given the positive outlook on India’s political front, with the emergence of a strong leader with a clear economic agenda and a government with absolute majority.

[Photo: (L-R) SMU President Professor Arnoud De Meyer; Mr Ronald Tan; Mr Sandeep Sharma; Mr Prashant Saran; High Commissioner of India to Singapore, HE Ms Vijay Thakur Singh; Minister Iswaran; Professor Rajendra Srivastava; Mr Soumen Mitra, Mr Manish Kejriwal, Professor David Lee]