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Singapore eyes India, China for economic opportunities

P. S. Suryanarayana

This is significant in the light of its economic cooperation pact with India

SINGAPORE: Singapore Prime Minister Lee Hsien Loong has called upon the City-State to “continue to reinvent” itself and “seek [economic] opportunities … in India” as also China, the southeast Asian countries and West Asia.

In a National Day message on the 40th anniversary of independence, being celebrated with enthusiasm on Tuesday, Mr. Lee said: “We did not start off as a financial centre, an electronics-manufacturing base or an air-and-sea hub, but we made ourselves all these. … We must continue to … build new competencies, as we are doing in biotechnology and multi-media”. For this, Singapore must turn the focus on its “external wing” as well, he noted and cited India as an area of interest under this spotlight.

Significance

The reference to India acquires importance in the context of Singapore’s Comprehensive Economic Cooperation Agreement with India, which came into force on August 1. The City-State is intensifying its economic interactions with China, too, besides implementing bilateral free trade agreements involving the United States and Japan. The “rise of China and India” as major players on the international stage has become a key theme in Singapore’s foreign policy more recently.

In a reminiscent mood over the circumstances in which Singapore became independent four decades ago, Mr. Lee said: “Suddenly, we were on our own, with no natural resources to exploit, no hinterland to fall back upon and no army to defend ourselves. But we were determined to survive, and started building a nation from scratch. … In 40 years, we have succeeded beyond all expectations. Our economy has developed and prospered. … Our society is harmonious and cohesive. … We are attracting investments and talent from around the world. … The Singapore Armed Forces and our Home Team are strong and tested. Because of them, we can sleep peacefully at night”.

He said Singapore should, however, “remain vigilant against threats to our security,” especially from the terrorists.

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