The Hindu : Karnataka / Bangalore News : Singapore introduces `Entrepass' for investors

Online edition of India's National Newspaper
Saturday, Dec 17, 2005

Karnataka

Karnataka - Bangalore

Singapore introduces `Entrepass' for investors

Staff Reporter

The pass is designed to allow entrepreneurs to start business there

Bangalore: With Singapore ranked second most competitive globally, after the U.S., and the second most profitable place for investors, the City State has embarked on a drive to attract more investments.

Singapore has introduced Entrepreneur Pass or "Entrepass", which is designed to allow global value-creating entrepreneurs and innovators start business ventures there.

Disclosing this at a presentation, "Singapore Calling", organised by the Bangalore Chamber of Industry and Commerce (BCIC), R. Narayanamohan of the Singapore Indian Chamber of Commerce said the "Entrepass" was timely as the country is keen on establishing itself as a regional business hub.

It has introduced a new category of work pass called "S Pass", which is intended to meet industries' need for middle level skilled manpower.

Mr. Narayanamohan said with Singapore turning into an international education hub, the Government has introduced Employment Pass Eligibility Certificate (EPEC), which is a visa for students to search for jobs. The visa is given for six months during which the students have to secure a job.

Talking about Singapore-India trade, he said the bilateral trade during 2004 reached $ 11.8 billion before the Comprehensive Economic Cooperation Agreement (CECA) was signed between the two governments.

The trade was expected to touch $ 15 billion dollars, thus India will become one of the top 10 trading partners with Singapore. And Singapore has become the third largest investor after the U.S. and Mauritius in India.

Chamber president Anant R. Koppar said: "It is imperative for Indian companies to set up production facilities in the ASEAN and East Asian region and Singapore offers an attractive incentive for investments and reaching the other countries and market in the region." The Indian economy, he said, has witnessed strong growth trends in the last few years and this was expected to continue for many more years.

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