IE Singapore paves way for SMEs to break into Indian market
By Michael Lim
/ The Edge Property |
International Enterprise Singapore has inked two memoranda of understanding with India’s top coworking space operators 91springboard and SKP Business Consulting to help Singapore small and medium-sized enterprises (SMEs) break into the Indian market.
According to IE Singapore, the partnerships are in recognition of India’s growing importance to Singapore companies. It says that having worked with over 200 companies exploring business opportunities in India over the past few years, it has seen rising interest from SMEs to tap the Indian market.
Singapore’s cumulative investments in India grew 30% to reach $29.6 billion as at end-2015. With GDP growth hitting 7.9% last year, India is one of the fastest- growing economies globally. Consumption is projected to grow fourfold by 2025 to reach US$1.06 trillion ($1.48 trillion). (Prime Minister Narendra) Modi’s initiatives and push for greater foreign direct investment have seen Singapore companies gaining traction in the consumer, infrastructure, manufacturing, digital and techno logy sectors.
IE Singapore assistant CEO Satvinder Singh says the city state has been deepening relations with Indian states and cities to boost partnerships for Singapore companies, including SMEs.
Source: Bloomberg
According to IE Singapore, the partnerships are in recognition of India’s growing importance to Singapore companies.
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