Trade between India and Singapore rose to S$25.5 billion in 2013 from S$16.6 billion in 2005, when an economic cooperation agreement between the two countries came into force, Minister for Trade and Industry Lim Hng Kiang said in Parliament on Wednesday (Oct 8).
Answering a query by NCMP Gerald Giam, Mr Lim said the India-Singapore Comprehensive Economic Cooperation Agreement (CECA) has helped to boost investment flows into Singapore, with foreign direct investment from India into the Republic growing from SS$1.3 billion in 2005 to S$20 billion in 2012.
"This has helped to promote economic growth and create good jobs for Singaporeans," he said.
On the issue of Qualifying Full Bank (QFB) privileges for Indian banks, Mr Lim said Singapore has agreed to grant three bank licenses with QFB privileges to Indian banks and approved two Indian QFBs so far – the State Bank of India and ICICI Bank. At the same time, India agreed to allow the three Singapore banks to open a total of 15 bank branches in India, with 11 approved so far.