SINGAPORE: Singapore has identified India and China as the "pace-setters" for the economic growth of other Asian countries.

Outlining this world-view, Singapore's Deputy Prime Minister and Coordinating Minister for National Security, S. Jayakumar, said here on Monday night that "the re-emergence of India will have profound implications for the global strategic landscape."

Mr. Jayakumar told the Singapore Indian Chamber of Commerce & Industry (SICCI) at its 81st anniversary dinner that the businesses in the City-State should seize "the many opportunities" that India and China, as "the two rising economic powerhouses" in Asia, had opened up for the others. These opportunities were laced with the "competition" that was now "intensified" by the economic ascendance of India and China.

New economic community

Calling upon the SICCI to help its members trim their sails to the new winds of change, the Minister said Singapore had "consistently encouraged the Association of South East Asian Nations' [ASEAN] engagement with India."

The City-State had, "more recently, pushed for India's inclusion in the inaugural East Asian summit in Kula Lumpur this December." The prospective summit is expected to begin the process of forming an East Asian economic community.

"In recognition of India's status and standing on the world stage, Singapore also supports India's bid for a permanent seat in the United Nations Security Council," Mr. Jayakumar said.

Strong growth

Profiling India, he said its "economy continues to record strong growth, while undergoing important structural adjustments."

While the first phase of reforms, initiated in 1991, "helped India achieve an annual growth rate of six to seven per cent," the next phase, the centrepieces being "privatisation and foreign participation," would add to the "dynamism of the India's economy."

Mr. Jayakumar cited the advantages of investing in India as follows: "a well-established legal system, a high level of English-language proficiency, a large and highly-educated workforce, and a vast domestic market of consumers".

The icing on the cake, as seen from Singapore, was that India had, "within a short period of time, ... become a global IT (information technology) hub and a premier destination to outsource "back-room' and other administrative services for multi-national companies."

The SICCI Chairman, M. Rajaram, said the chamber "is in very fine health" after weathering the challenges of the recent "economic downturn" in the region. Becoming "more focussed on the Indian sub-continent," the SICCI led a pan-Singapore delegation, consisting of representatives from the Chinese and Malay chambers as well, to India this year to explore investment opportunities.

The initiative would be carried forward, Mr. Rajaram said.

On the SICCI calendar now were the publication of a Directory of Indian Companies in Singapore, the formation of a "Young Entrepreneurs' Club" as a focus-group, the development of an "Enterprise Development Centre," and the promotion of a "Singapore-India Business and Cultural Week" in 2006, Mr. Rajaram said.

The SICCI Vice-Chairman and Chairman of the Organising Committee for the 81st anniversary celebrations, Vijay Iyengar, said the "Singapore Indian Entrepreneur Awards," initiated in 2004, had now been "fine-tuned."

The awards — in the categories of young entrepreneurs, medium enterprise, and large enterprise — were instituted by the SICCI in association with DBS Bank, Singapore's flagship on the Asian scene of financial services.

Mr. Iyengar said: "Keeping in mind the fast-changing business environment, we do hope to make changes in the future (as regards the awards)."

The finalists for these awards "are, in a way, the standard-bearers for the business community," especially among "the Indian community" in Singapore.

The awards are open to the Singapore citizens of Indian origin and also the permanent residents here from India.

Talent-spotting

For the first time now, an entrepreneurship competition was held to spot talent among young students.

Under the scheme called "Savaal 2005," the competitors were "given a kitty of 2000 Singapore Dollars [each] to set up businesses."

These were then evaluated on the basis of progressive targets, Mr. Iyengar said, tracing the talent hunt.

The awards were presented by Vivian Balakrishnan, Singapore's Minister for Community Development, Youth and Sports.

The visiting Indian Minister for Health and Family Welfare, Anbumani Ramadoss, was a special invitee.

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