SICCI-ICAO MoU Boosts India-Singapore Investment

Singapore, Nov 27 (PTI) The partnership between Singapore Indian Chamber of Commerce and Industry and the Institute of Chartered Accountants of India (ICAI) will deepen bilateral ties while facilitating investment flows in both directions, an industry official has said.

"“This partnership marks a new chapter in professional and industry collaboration that will deepen Singapore-India ties while facilitating investment flows in both directions,” SICCI chairman Neil Parekh said at the ‘Business Leaders Forum 2024', hosted by ICAI here on Tuesday.

The MoU was signed in Singapore earlier this year.

“With over 100,000 global members, ICAI's collaboration with SICCI will undoubtedly be a game-changer,” said Parekh who is also a nominated member of Singapore parliament. SICCI has more than 500 business-members with regional networks across Asia.

Beyond institutional partnerships, Singapore's unique position as a global hub for Indian companies seeking to expand globally cannot be overstated, added Parekh.

"Singapore offers a stable and competitive environment for Indian businesses, and this has been made possible through frameworks like the Singapore International Chamber of Arbitration (SICA) and the Double Taxation Agreement (DTA),” he highlighted.

These frameworks provide the legal and fiscal certainty that Indian companies require when venturing into global markets.

Singapore is an attractive base for foreign institutional investors (FIIs) looking to invest in India, offering unparalleled access to India's burgeoning market and regulatory environment, Parekh continued.

The Comprehensive Economic Cooperation Agreement (CECA), signed in 2005, and the ASEAN-India Free Trade Agreement (AIFTA), signed in 2009, have created a robust platform for trade, investment, and business collaboration between the two nations.

“These agreements have been instrumental in expanding economic and commercial ties, and they continue to play a vital role in fostering deeper integration of our economies,” said Parekh.

He also mentioned that The Indian government's initiatives, such as “Make in India,” “Digital India,” and “Atmanirbhar Bharat”, have created a favourable environment for foreign investments and business growth.