Over 120 Indian cos setting up Singapore office a month: SICCI

SINGAPORE: As many as 120 India-based companies are incorporating offices in Singapore every month, taking advantage of the city state as a gateway to Asia-Pacific markets.

"We are seeing as many as 120 Indian origin companies incorporating Singapore offices every month," R Narayanamohan, the chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI), told media.

Speaking at the launch of the annual corporate awards campaign for Indian businesses in Singapore, he said the community of Indian businesses has grown to 5,000 in Singapore as of this month, up from 4,000 a year ago.

Indian companies make up the single largest business community from any single country in Singapore.

"The awards represent a fantastic opportunity to celebrate the success of Indian businesses," added Kirpa Ram Sharma, SICCI Vice-Chairman and chairman of the award committee for this year.

"The awards showcase the talent and entrepreneurial spirit and encourage best practices in business in the local community," Sharma stressed.

The award recognises deserving entrepreneurs in the Indian business community, elaborated Edwin Khoo, the Managing Director and Head of Enterprise Banking at Singapore's DBS Bank, one of Asia's largest banks.

"DBS believes in building long-term client partnerships and in providing a full suite of banking solutions to support businesses as they expand into the region, including India," said Khoo, underlining the importance of DBS's sponsorship of the awards.

Khoo remained bullish about business prospects in both India and the Asian region and disclosed that the DBS network of 12 branches was further expanding its clients base in India.

The award winners would be announced on September 29 at 800-corporate member strong SICCI's 87th anniversary dinner in Singapore.