India, Singapore business chambers to boost trade

New Delhi - Business chambers of India and Singapore Wednesday signed a cooperation agreement to boost bilateral trade and investments.

The Federation of Indian Chambers of Commerce and Industry (FICCI) and Singapore Business Federation (SBF) signed the agreement which will give a fillip to two-way trade, investment opportunities, and industrial cooperation, including expansion of joint ventures, technological collaboration both bilaterally and in third countries.

FICCI senior vice president Naina Lal Kidwai and Singapore Business Federation's vice chairman Gautam Banerjee inked the deal at the inaugural session of India-Singapore Business Forum-2012 here.

According to the terms of the agreement, the two industry lobbies would “strive to facilitate, strengthen and diversify the cooperation between the firms of the industrial and service sector of the two countries, for pursuing a constant expansion of the trade and investment between India and Singapore.”

This would be done through exchange of business delegations, adoption of common positions, statements or declarations in support of improving the India-Singapore trade and investment relationship and exchange of information on matters of reciprocal interest, FICCI said in a statement.

The two chambers will develop joint initiatives in specific sectors within the scope of their competence.

“For this purpose, SBF and FICCI will promote trade and investment missions in the country of the partner organisation, focused on the highlighted sectors. The industrial and the service sector shall be taken into consideration in order to expand the scope of collaboration,” the statement said.

To expand the scale and increase the level of bilateral economic cooperation, both sides shall seek the collaboration of other institutions and organisations, such as government bodies, banks and other financial institutions, chambers of commerce, universities or companies, that may be interested to pursue the same objective.