Trade between India and Singapore rose substantially to SGD 25.5 billion last year from SGD 16.6 billion in 2005, after a bilateral agreement between the two countries was signed in 2005, as reported by PTI.
Comprehensive Economic Cooperation Agreement - signed between the two nations to increase trade, investments and economic cooperation - has boosted bilateral trade and Foreign Direct Investment (FDI) from India in Singapore, Lim Hng Kiang, Minister for Trade and Industry told Parliament.
The PTI report said that Lim in response to a query from a member of Parliament said that this has helped to promote economic growth and create good jobs for Singaporeans.
“India has agreed to allow three Singapore banks to open their 15 branches in India, with 11 approvals granted so far,” he added.
He said that the agreement has helped boost FDI into the country from SGD 1.3 billion (USD 1.03 billion) in 2005 to SGD 20 billion (USD 15.9 billion) in 2012.
Singapore has agreed to grant three bank licenses with Qualifying Full Bank (QFB) privileges to Indian banks. QFB privileges have been approved for the State Bank of India and ICICI Bank by the government so far, Lim said.