Singapore plans to invest huge amount in India in coming years: Piyush Goyal

Singapore has already invested about $150 billion in India and is ready to invest five times that amount in the coming years, commerce and industry minister Piyush Goyal said Thursday.

At the All India Industries and Commerce Ministers conference, he also said that India and the European Free Trade Association
(EFTA) have signed a free trade agreement under which New Delhi has received an investment commitment of $100 billion over the next 15 years and these investments will come in states and they have to take advantage of this.


EFTA includes Iceland, Liechtenstein, Norway and Switzerland.

On Wednesday, the Swiss Federal Council adopted a dispatch on the free-trade agreement between the EFTA states and India, the Swiss government said in a statement.

The Federal Council, which is the Swiss federal cabinet, is the highest executive authority in the country. The Swiss Parliament is expected to debate the dispatch in the upcoming winter or spring sessions.

“Today the world wants to invest in India. Everybody wants to come to India. Singapore has already invested about $150 billion in India. They are ready to invest probably five times that amount in the coming years,” Goyal said.

He said that states to change their mindset, reduce compliance burden and decriminalise laws, and provide real red carpet to attract these investments.

“All investors are looking at India...the Centre is there to support you. We do not discriminate between states...we are setting up 12 industrial townships,” Goyal said.

Board of Trade meet

The Board of Trade meeting to be chaired by Goyal is likely to be held on September 13 in Mumbai. Headed by the minister, the board includes participants from various states, union territories, and senior officials from the public and private sectors.

Talking about the meeting, Goyal said: “Export-related matters will be discussed. Export promotion is not only the responsibility of the Centre. Both centre and state have to work together in boosting exports as it would help in the creation of jobs also,” Goyal said.

The minister suggested the states study the best practices and industrial policies of other regions and then accordingly frame their respective policies.

He added that only subsidies will not help the industry and the states have to provide a business-friendly environment, single window system clearances and time-bound approvals.