Singapore woos Indian investments in bio-medical sciences, infrastructure

NEW DELHI: Wooing Indian investment in sectors like bio-medical sciences and infrastructure, Singapore's Economic Development Board (EDB) official said the government in the island nation is business friendly and provides "efficient tax planning environment".

"The business friendly government support in Singapore provides the companies an efficient tax planning environment," Singapore's Economic Development Board, International Director, Asia Pacific, Lee Eng Keat said here at a function.

Indian investment to Singapore has increased multi-fold and touched 24.1 billion Singapore Dollar (SD) in 2010 from 1.3 billion SD in 2005, he said.

Companies are exempted from capital gains tax and withholding tax in Singapore, and the government levies only 17 per cent corporate tax that makes it an attractive investment destination, Keat said.

The country also provides tax exemption on service income, he said, adding the largest foreign business community in Singapore is from India.

He said Singapore is targeting more investment from India in sectors like bio-medical sciences, information communication, infrastructure, natural resources, bio-technology and health services.

Punj Lloyd, Fortis Healthcare, Tata Communications,TCS, HCL Technologies, L&T Infotech, Pidilite, Bilcare are amongst the major investors in Singapore.