Singapore, Jan 8: Singapore Deputy Prime Minister Teo Chee Hean has invited Indian businesses to set up base in the city-state and expand to other places in the region.
"As a civil aviation, trading and financial hub, we are a good base for Indian companies to work from in order to expand to Southeast Asia and beyond," The Strait Times quoted him as saying at a gala dinner at the conclusion of the Asean-India Pravasi Bharatiya Divas on Sunday.
By 2025, India's consumer market is expected to become the fifth largest in the world, while South-east Asia will see a doubling of middle class households to 163 million.
"Against this backdrop," Mr Teo said, "There is much scope to strengthen our linkages and trade ties," he said, noting that Asean-India trade accounted for only 2.6 per cent of the bloc's external trade in 2016.
Mr Teo said that with India's strategic location, maritime and air connectivity can be expanded to bring the country closer to the rest of ASEAN.
He noted that India has many airports ready and available to connect many more points in ASEAN.
Mr Teo also said India, which is located strategically along important sea routes from the Indian Ocean to the Pacific, is integral to the security in the region.
"Asean and India share a common interest to keep these vital conduits of trade and economic exchange open," he said. "It is crucial that we continue to uphold our shared principles of the freedom of navigation and respect for the rule of law."
He said Asean and India should go ahead with economic integration, adding that Singapore, as Asean chair, will do what it can to secure the support of India and all other Regional Comprehensive Economic Partnership countries to advance negotiations on the pact. UNI
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