Standard Chartered Bank helps lure more Indian companies to Singapore

Over the past nine years, the number of Indian companies in Singapore has grown to over 4,000.

According to a release, Standard Chartered Bank is collaborating with the Economic Development Board of Singapore to attract Indian companies to Singapore. Senior representatives from the Bank and EDB are in Delhi for roundtable discussions with Indian companies on how Singapore can act as a springboard for their growth aspirations in Asia.

The sessions also cover how Standard Chartered – through the strength of its network and offering – can be local companies’ trusted financial partner to support this growth.

Indian companies can benefit from Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements. They also gain from Singapore’s many free trade agreements and the 35 Investment Guarantee Agreements. Singapore’s rigorous enforcement of its intellectual property laws ensures that companies’ ideas and innovations are protected. Companies can also tap diverse capital markets and cutting-edge financial services from more than 500 local and foreign financial institutions as well as over 4,500 companies offering professional services spanning audit, accounting, management consulting, market research, advertising, public relations, human resources and legal services.

There is strong growth in Singapore-India flows and this represents potential that Indian companies can tap on. Over the past nine years, the number of Indian companies in Singapore has grown to over 4,000, constituting the largest foreign business community in Singapore. Singapore is the top destination for Indian overseas investments with growth across various sectors including manufacturing, logistics, education and information technology. The IndiaSingapore Comprehensive Economic Cooperation Agreement (CECA) signed in 2005 has been an important catalyst in boosting bilateral trade and investments. Singapore’s total trade with India amounted to over S$30 billion, up from over S$21 billion in 2009.

Standard Chartered is well positioned to help Indian companies with their crossborder needs in Asia, leveraging Singapore as a hub. The Bank has deep local knowledge of Singapore and India, with a history of 152 years in Singapore and 153 years in India. Standard Chartered has seen a strong growth in India-domiciled clients banking with it in Singapore as well as revenues from them. The segment is projected to grow in double digits over the next five years.

Most recently, The World Economic forum (WEF) survey released in September 2011 ranked Singapore as the second most competitive economy in the world. Singapore was judged tops for efficiency and lack of corruption in its public institutions. It was also ranked first for goods market efficiency, first for financial market development, second for labour market efficiency and third for infrastructure.